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Big Five banks of Canada
Big Five is the name colloquially given to the five largest banks that dominate the banking industry of Canada: Bank of Montreal (BMO), Scotiabank, Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Toronto-Dominion Bank (TD).
All of the five Canadian banks maintain their respective headquarters in Toronto's Financial District, primarily along Bay Street.[1][2] All five banks are classified as Schedule I banks that are domestic banks operating in Canada under government charter. The banks' shares are widely held, with any entity allowed to hold a maximum of twenty percent.[3]
According to a ranking produced by Standard & Poor's, in 2017, the Big Five banks of Canada are among the world's 100 largest banks, with TD Bank, RBC, Scotiabank, BMO, and CIBC at 26th, 28th, 45th, 52nd, and 63rd place, respectively.[4] RBC and TD Bank are also on the Financial Stability Board's list of systemically important banks as of 2020.[5]
The term “Big Six” is sometimes used to include Canada's next largest bank, National Bank of Canada.[6]
- ^ Hazel Duffy (2004). Competitive Cities: Succeeding in the Global Economy. Taylor & Francis. p. 154. ISBN 978-0-203-36231-0.
Canada's five largest banks and 80% of the foreign banks in Canada are headquartered in Toronto, as well as five Canadian pension plans and Canada's top insurers, which are responsible for 90% of the national industry's assets.
- ^ Keith Dinnie (2011). City Branding: Theory and Cases. Palgrave Macmillan. p. 21. ISBN 978-0-230-24185-5.
Toronto is home to 40 per cent of the nation's business headquarters... many of the corporate global players are headquartered there: three of the world's 25 largest banks and all of Canada's five largest.
- ^ "Bank Act - Part VII: Ownership of Banks". Archived from the original on October 4, 2012.
- ^ Mehmood, JahanZaib. "The world's 100 largest banks". S&P Global Market Intelligence. Archived from the original on October 25, 2017. Retrieved October 24, 2017.
{{cite web}}: CS1 maint: bot: original URL status unknown (link) - ^ "2020 list of global systemically important banks (G-SIBs)". www.fsb.org. November 11, 2020. Retrieved July 8, 2021.
- ^ Investopedia Staff (March 12, 2008). "Big Six Banks". Retrieved June 9, 2018.
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