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Top 10 Banks in Canada Serving Citizens and Immigrants

These selected banks have merged the best and top 10 banks in Canada that serve both the citizens and immigrants.

Banks in Canada are reliable and convenient, They offer services to citizens and immigrants with trust and confident. Thare are many banks in Canada, both domestic banks and foreign banks. But there are top 10 banks in Canada that serve citizens and immigrants.

Moreover, we have 29 domestic banks and 24 foreign banks in Canada. But there are 27 full service foreign bank branches.

Though not always free. With this article, you can find out the top 10 banks in Canada for you, best biggest banks and online banks in Canada.

However, Canada’s banking system is negative due to reduction in government support for major domestic banks.

Despite this, selected banks below have merged the best and top 10 banks in Canada that serve both the citizens and immigrants.

Table of Contents

List of Top 10 Banks in Canada

  1. Toronto-Dominion Bank
  2. Royal Bank of Canada
  3. Bank of Nova Scotia
  4. Bank of Montreal
  5. CIBC
  6. Desjardins Group
  7. National Bank
  8. HSBC Bank
  9. Laurentian Bank of Canada
  10. Canadian Western Bank

#1: Toronto-Dominion Bank [TD]

Toronto-Dominion Bank is one of the top 10 banks in Canada that serve citizens and immigrants.
This bank is established in 1955. It provides personal and commercial banking products and services in Canada.

Toronto – Dominion bank have 1,154 branches with about 90,000 employees and serves 11 million customer. As at 2020, the bank revenue was C$ 36.4 billion, net income C$ 11.9 billion and total assets: C$ 1.74 trillion

#2: Royal Bank of Canada (RBC)

This is another one of the top 10 banks in Canada that serve citizens and immigrants. Its headquarter is in Toronto and was founded in 1864.

Royal Bank of Canada provides services through five segments which are Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, and Capital Markets.

The bank employs around 84,000 workers and serves 16 million customers. It has a total revenue of C$ 42.8 billion and net income of C$ 11.4 billion in year 2020. While a total assets of C$ 1.67 trillion in 2021.

#3: Bank of Nova Scotia

This is another top 10 banks in Canada. It handles a total assets of about CAD 1.16 trillion 2021. Its employees are 90,000 individuals and it serves 23 million customers in 55 countries.

In the year 2020, it has generated a net income of CAD 6.78 billion. The revenue in the same year was CAD 25.3 billion. This bank was established in the year 1832 in Halifax, Nova Scotia while the headquarter is in Toronto, Ontario.

#4: Bank of Montreal

Bank of Montreal is one of the top 10 banks in Canada. It serves both citizens and immigrants, and it is established in the year 1817.

This bank currently employs over 45,000 staff and serves around 12 million customers. It provides retail banking, wealth management, and investment banking products and services.

In the year 2020, it has a total revenue of CAD 22.2 billion; Net income of CAD 5.10 billion while total assets of CAD 973.2 billion in 2021. Its head-quarter is situated in Montreal, Quebec

#5: CIBC

Canadian Imperial Bank of Commerce (CIBC) is founded in 1st June 1961 and has its headquartered in Commerce Court, Toronto, Ontario.

The bank operates through three strategic business units which are Retail and Business Banking, Wealth Management, and Capital Markets.

CIBC is one of the top 10 banks in Canada that serve citizens and immigrants. It employs 43,890 staff
and in 2020 its total revenue was CAD 16.2 billion and its net income was CAD 3.79 billion while in 2021 it has a total assets of CAD 782.9 billion.

#6: Desjardins Group

Desjardins Group is cooperative group banks in Canada that serves more than seven million members and clients in 30 countries.

It is established in 1900 and it operates through four business segments which are : Wealth Management and Life; Health Insurance; Property and Casualty Insurance; Personal Services, and Business Services.

Moreover this bank has over 50,000 employees and its headquarter is in Quebec and Ontario. In 2020 its total revenue was CAD 11.4 billion and net income was CAD 2.09 billion while in 2021 its total assets is CAD 377.0 billion

#7: National Bank of Canada

National Bank of Canada is established in the year 1859 and its head-quarter is situated in Montreal, Quebec. It is another top 10 banks in Canada and it provides
personal banking, commercial banking, insurance, and payment solutions and services.

In addition, this bank has about 26,000 employees and serves 2.4 million customers through its 450 branches.

Yet, in the year 2020, it revenue was CAD 7.08 billion and its net income was CAD 2.04 billion while its total assets is CAD 343.6 billion in 2021

#8: HSBC Bank Canada

HSBC Bank of Canada has its
headquarter in Vancouver and was incorporated in 1981. it operates through three business segments which are : Commercial Banking, Global Banking and Markets, and Retail Banking and Wealth Management.

Furthermore, It employs around 6,000 staff and in 2020, its total revenue was CAD 1.70 billion; its net income was CAD 308 million while its total assets is CAD 115.0 billion in 2021

#9: Laurentian Bank of Canada

Laurentian Bank of Canada is another top 10 bank in Canada. It was founded in 1846 and has its its headquartered in Montreal. This bank serves individuals, small and medium-sized enterprises, and independent advisors.

Also, it offers investment products, including fixed-rate investments, indexed investments, mutual funds, systematic savings plans, retirement projection plans, registered plans, and guaranteed investment certificates.

Moreover, it operates over 145 branches, with offices in British Columbia, Alberta, Nova Scotia, Newfoundland, Ontario, and Quebec.

Finally, in 2020, its revenue was CAD 854.7 million and its net income was CAD 114.0 million while its total assets is CAD 45.2 billion in 2021.

#10: Canadian Western Bank

Canadian Western Bank was founded in the year 1988 and its head-quarter is situated in Edmonton, Alberta. It specialize in mid-market commercial banking.

Likewise, the bank operates in western Canada and provides mortgages, loans, personal accounts, investment products, business accounts, small business lending, insurance, and credit card services to citizens and immigrants.

Besides, the bank employs around 2,000 staff and operates 42 branches. In 2020 its revenue was CAD 805.2 million and its net income was CAD 270.6 million while its total assets in 2021 is CAD 35.3 billion.

Best Investment Banks In Canada

Investment banks in Canada are dominated by the domestic banks. They are regarded as incumbents or the Big Five Banks but totally six in number. These investment banks are also among the top 10 banks in Canada that serve citizens and immigrants for investment purposes.

Moreover, all the investment banks are universal banks whereas their major business is retail and commercial banking, but also possess capital markets arms.

Below are the list of Best Investment Banks In Canada

  • Royal Bank of Canada [RBC]
  • Canadian Imperial Bank of Commerce [CIBC]
  • Bank of Montreal [BMO]
  • Scotiabank
  • Gravitas Securities Bank
  • GreenBank Captial
  • TD Securities Bank.

#1. Royal Bank of Canada [RBC]

RBC is a Capital Markets and a
Global investment bank. It Provides M&A advisory services and equity capital market services to its clients.

Moreover, the firm provides services across sectors such as CMT, Energy, Real Estate, Healthcare, Mining & Metals, and others. Presently, it operates 70 offices globally.

#2. Canadian Imperial Bank of Commerce [CIBC]

Canadian Bank of Commerce and the Imperial Bank of Canada merged to form the Canadian Imperial Bank of Commerce, or CIBC as it is more commonly known today.

Therefore, CIBC is one of the top 10 banks in Canada which is tied to its continued and sustained investment in the future. They have modernized their banking platforms to enhance their clients, experience and convenience.

#3. Bank of Montreal [BMO]

BMO is an investment bank that has been helping customers from all walks of life pursue opportunities, overcome challenges, and achieve great things.

BMO is driven by a single purpose to boldly grow business and life, and that means a sharp focus on building, investing, being a champion for progress, and a catalyst for change.

#4. Scotiabank

With Scotiabank you can open a bank account before you arrive in Canada, with unlimited no-fee international money transfers.

For immigrants or newcomers to Canada, you can receive your first year of banking with Scotiabank for free, without any monthly fees.

#5. Gravitas Securities

This is full service investment bank
that provides private placement and corporate restructuring services to its clients. Also, it provides wealth management services.

#6. GreenBank Captial

GBC is a small cap market focused investment bank in Canada. It provides services like M&A advisory, corporate financing, restructuring and others.

In addition, the firm provides its services across many sectors like Energy, Technology & Financial Sevices.

#7. Toronto Dominion Bank -TD Securities

TD Securities is a full-service Investment Bank. The services include M&A advisory, capital-raising, restructuring. This bank offers its services across sectors such as CMT, Mining, Real Estate, Energy. It has 14 offices located in 10 countries.

Oldest Bank In Canada

Bank of Montreal is the oldest bank in Canada and the Canada’s first bank which is backed by more than 200 years of tried and trusted expertise.

Moreover, Bank of Montreal was founded in 1817 and is one of the 5 largest banks in Canada. It provides several services like wealth management, retail banking, and investment banking services and products and its headquarter is in Montreal, Quebec.

Biggest Banks In Canada.

Canada has so many banks which render services to the both citizens and immigrants. Out of many banks in Canada, there are five biggest banks in Canada.

In other words these five biggest banks in Canada are called The Big Five Banks.

Big Five Banks are listed below.

  • Royal Bank
  • The Bank of Montreal
  • Canadian Imperial Bank of Commerce
  • The Bank of Nova Scotia
  • Toronto-Dominion Bank.

Best Online Banks in Canada

Certain banks in Canada banks in Canada have moved beyond rendering services to their clients on face contact to online services. Online services have helped reduce the spread of COVID 19.

However, the following banks are the best online banks in Canada.

#1. Equitable Bank

Equitable bank is one of the best online bank in Canada. It has no physical locations, however, customers have access to a well-rated mobile app for online banking access. This make banking flexible and convenience.

#2. Tangerine Bank

Tangerine is one of Canada’s top digital banks. It is an online-only bank in Canada. It has a few cafes, pop-up locations, and kiosks in major cities across Canada. But most of Tangerine Bank interactions with their clients are through an online interface.