List of banks and credit unions in Canada


This is a list of banks in Canada, including chartered banks, credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks".

Largest banks

Big Five

The top five Canadian banks are collectively referred to as the "Big Five" due to their dominant position and significant influence within the country's banking and financial industry. This term has been used for many years to characterize these major banks, and it highlights their substantial market share and impact on Canada's economy. The financial sector of Canada is especially concentrated in these banks, which has been seen as a result of protectionist policies of the government and the country's small and dispersed population. These banks grew at an extraordinary rate of 10.7 percent per year, on average, from 2008 to 2018 compared with 3.64 percent for the five largest U.S. banks. While most Canadian banks operate only within Canada, the Big Five are best described as Canadian multinational financial conglomerates that each have a large Canadian banking division.

Big Six

National Bank of Canada, which began as a regional bank in Quebec but expanded nationally, is the sixth largest Canadian bank. In 2025 it took over the Canadian Western Bank. In 2022, Canada’s Big Six held about 93% of all banking assets in the country. It is the same share they held a decade earlier, and a decade before that. RBC’s $13.5-billion takeover of HSBC’s Canadian division, announced in November 2022, gave it around $134 billion in HSBC assets and increased the 93% share of assets the Big Six have to almost 95%.

Importance of Canada's financial institutions

Domestic systemically important bank (D-SIB)

A domestic systemically important bank is a bank that could disrupt the domestic economy should it fail. Canada's Big Six are designated as D-SIBs. D-SIBs are so important to the functioning of the financial system and the economy, that they cannot be wound up under a conventional bankruptcy and liquidation process should they fail. The failure of any one of Canada’s D-SIBs, with the potential loss of financial services, even for a short period of time, could have a serious impact on Canada’s economy.

Desjardins

The Autorité des marchés financiers, which oversees Quebec’s financial sector, designated Desjardins Group as a D-SIB.

Global systemically important bank (G-SIB)

A global systemically important bank is a bank whose systemic risk profile is deemed to be of such importance that the bank’s failure would trigger a wider financial crisis and threaten the global economy. The Basel Committee has developed a formula for determining which banks are G-SIBs, deploying criteria including size, interconnectedness and complexity. National regulators subject banks determined to be G-SIBs to stricter prudential regulation such as higher capital requirements and extra surcharges, or more stringent stress tests.
In Canada, the Office of the Superintendent of Financial Institutions designated Royal Bank of Canada and Toronto-Dominion Bank as G-SIBs as well as D-SIBs.

Banks by legal classification

Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks. For a greater explanation of the classifications, see Banking in Canada and Bank Act (Canada).

Schedule I banks (domestic banks)

Under the Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, even if they have foreign shareholders. There are 35 domestic banks, including 3 federally regulated Credit Unions as of 8 March 2024.
BankEstablishedHeadquartersOwnershipNotes
B2B Bank2012TorontoOwned by Laurentian Bank of Canada.Known as "B2B Trust" prior to reorganization in 2012.
Bank of Montreal1817MontrealPublic company, part of Big Five.The operational headquarters and executive offices have been located in Toronto, Ontario since 1977
Bank of Nova Scotia1832TorontoPublic company, part of Big Five.Operating as "Scotiabank".
Bridgewater Bank1997CalgaryWholly owned subsidiary of the Alberta Motor Association -
Caisse populaire acadienne ltée1946Caraquet, New BrunswickFederal Credit Union, member owned.On 1 July 2016, UNI Financial Cooperation became the first federally chartered credit union.
Canadian Imperial Bank of Commerce1867TorontoPublic company, part of Big Five.Merged from Canadian Bank of Commerce and the Imperial Bank of Canada. Also includes Simplii Financial direct banking branch operation that was found in the late 1990s as a strategic partnership between PC Financial and CIBC until its rebrand in 2017.
Canadian Tire Bank2003Oakville, OntarioOwned by company Canadian Tire.
Canadian Western Bank1988EdmontonOwned by National Bank. Previously a Public company, regional bank.Merged from the Bank of Alberta and the Western & Pacific Bank of Canada. Acquired by the National Bank in February 2025.
Coast Capital Savings Federal Credit Union1940Surrey, British ColumbiaFederal Credit Union, member owned.From 17 October – 28 November 2016, a vote was held for members on whether or not Coast Capital Savings should become a federal credit union
Concentra Bank2017SaskatoonProvides wholesale banking and trusts to Canada's credit union system. Bought by EQ Bank.
CS Alterna Bank2000OttawaOwned by the credit union Alterna Savings.
Digital Commerce Bank2007CalgaryPreviously known as DirectCash Bank. Arms-length relationship with DirectCash Payments Inc.
Equitable Bank2016TorontoPublic company, regional bank.Originally founded as a trust company named The Equitable Trust Company in Hamilton, Ontario in 1970. In 2013, the Equitable Trust Company was granted a Schedule I chartered bank license and became Equitable Bank. It launched a direct banking operation branded as EQ Bank in January 2016.
Exchange Bank of Canada2016TorontoSubsidiary of Currency Exchange International Corp.Provides foreign currency services to financial institutions and businesses.
Fairstone Bank of Canada2009TorontoIncorporated as DuoBank under Schedule 2 of the Bank Act in 2009; reclassified under Schedule 1 following completion of the sale by Walmart Canada to First National co-founder Stephen Smith and private equity firm Centerbridge Equity Partners, L.P. in April 2019. DuoBank acquired Fairstone Financial Inc in 2021 and rebranded as Fairstone Bank of Canada in 2022.
First Nations Bank of Canada1996SaskatoonFirst Canadian chartered bank to be independently controlled by Indigenous shareholders.
General Bank of Canada2005EdmontonSchedule 1 bank that primarily offers indirect auto financing for consumers through its retail portfolio as well as large commercial loans and aviation financing.
Haventree Bank2018TorontoFounded in 1990; private bank specializing in alternative mortgage programs and insured GIC deposits.
Home Bank2015TorontoOwned by the trust company Home Trust Company.Owns Oaken Financial, which are both owned by Home Capital Group. Home Bank began as CFF Bank, which was formed through acquisition of MonCana Bank by Canadian First Financial. CFF Bank became Home Bank in August 2016.
HomeEquity Bank2009TorontoPrivately held by Ontario Teachers Pension Plan - OTPPFounded in 1986 as the Canadian Home Income Plan Corporation. HomeEquity Bank is the first Canadian bank to offer reverse mortgages to Canadian homeowners aged 55 and over. On 13 October 2009, HomeEquity Bank was recognized as a Schedule 1 Canadian Bank.
Innovation Federal Credit Union2007Swift CurrentMember owned.Received approval to begin operating as Innovation Federal Credit Union effective June 23, 2023.
Laurentian Bank of Canada1846MontrealPublic company, regional bank.Operates mainly in Quebec. As of December 2025, Fairstone Bank and National Bank will acquire its commercial and retail and small business operations.
Manulife Bank of Canada1993TorontoOwned by the insurance company Manulife Financial Corporation.
Motus Bank2019TorontoOwned by the credit union Meridian Credit Union.Dissolved in October 2025. Deposits transferred to Coast Capital Savings. Most of the lendings in Ontario transferred to erstwhile parent Meridian Credit Union; rest of the lendings in Ontario and all of the lendings outside Ontario are transferred to Coast Capital Savings
National Bank of Canada1859MontrealPublic company, regional bank.Operates mainly in Quebec.
Peoples Bank of Canada2020VancouverOwned by the trust company Peoples Group.
President's Choice Bank1996TorontoOwned by company Loblaw Companies.All PC Financial mortgages, loans, investments, and bank accounts were transferred to Simplii Financial in November 2017. PC Financial's credit card and insurance products were unaffected by the decision, and continued to be offered by subsidiaries of Loblaw Companies. In December 2025, Loblaw announced an agreement to sell PC Financial to EQ Bank.
RFA Bank of Canada2017TorontoPreviously known as Street Capital Bank of Canada. Granted schedule 1 status in December 2016. Commenced operations on 1 February 2017.
Rogers Bank2013TorontoOwned by company Rogers Communications.
Royal Bank of Canada1864MontrealPublic company, part of Big Five.
Tangerine Bank2013TorontoOwned by Scotiabank.Formerly ING Direct Canada, purchased by Scotiabank in November 2012, and name was changed to Tangerine in spring 2014.
Toronto-Dominion Bank (The)1855TorontoPublic company, part of Big Five.Operating as "TD Canada Trust". Formed by the merger of two banks founded in 1855 and 1869.
Vancity Community Investment Bank1997VancouverOwned by the credit union Vancity.Previously known as Citizens Bank of Canada. Now a non-deposit taking bank; it no longer offers savings and loans products.
VersaBank1980London, OntarioPublic company, regional bank.Originally founded as a trust company named Pacific & Western Trust Corporation in Saskatoon, Saskatchewan in 1980. It later moved its head offices to London, Ontario. On 1 August 2002, it was granted a Schedule I chartered bank licence and became Pacific & Western Trust Bank of Canada before finally changing its name to VersaBank in 2016.
Wealth One Bank of Canada2015TorontoFocus on providing services to Chinese-Canadians. It provides banking services online and through retail offices in Toronto, Ontario, and in Vancouver, British Columbia.

Schedule II banks (subsidiaries of foreign banks)

Schedule II banks are banks allowed to accept deposits and which are subsidiaries of a foreign bank. As of March 2024, there were 15 of these banks in Canada.
BankParent CountryNotes
AMEX Bank of CanadaUnited States

Schedule III banks (branches of foreign banks)

Full service

The following banks are not authorized to accept deposits in Canada of less than $150,000. As of August 2016, there were 28 such banks in Canada.
BankParent CountryNotes
Bank of AmericaUnited States

Lending only

The following banks are prohibited from accepting deposits or borrowing money except from financial institutions. There were four such banks in Canada as of May 2025.

Government-owned financial institutions

Credit unions

Canada has a strong co-operative financial services sector, which consists of credit unions. At the end of 2001, Canada's credit union sector consisted of 681 credit unions and 914 caisses populaires, with more than 3,600 locations and 4,100 automated teller machines. By the end of 2019, consolidation reduced this number to 251 credits unions and caisses populaires outside Quebec, according to the Canadian Credit Union Association. Canada has the world's highest per capita membership in the credit union movement, with over 10 million members, or about one-third of the Canadian population. While the sector is active in all parts of the country, it is strongest in the western provinces and in Quebec. In Quebec 70 per cent of the population belongs to a caisse populaire, while in Saskatchewan close to 60 per cent belongs to a credit union.

Credit unions outside Quebec

As of 31 December 2022, the 208 credit unions and caisses populaires outside Quebec reported combined assets of $308.9 billion:
Credit UnionProvinceAssetsMembersLocations
VancityBC28,298,424,745535,15554
Meridian Credit UnionON26,155,667,000382,35592
Coast Capital SavingsBC22,130,514,640597,68145
Servus Credit UnionAB18,338,460,000384,893105
First West Credit UnionBC13,304,223,000249,54347
Access Credit UnionMB10,759,971,657177,60554
Desjardins Ontario Credit UnionON10,756,224,987134,54146
Steinbach Credit UnionMB9,123,840,600106,1733
Alterna SavingsON7,581,600,000193,10946
Affinity Credit UnionSK7,226,192,926129,54156
ConnectFirst Credit UnionAB7,216,582,000132,41044
DUCA Credit UnionON6,936,459,98792,34017
Prospera Credit UnionBC6,935,325,000116,35326
Conexus Credit UnionSK6,760,855,894137,03330
Assiniboine Credit UnionMB6,108,445,485141,47519

Desjardins

Most credit unions in Quebec are part of a network which operates as the Desjardins Group. Desjardins Group owns and operates a range of subsidiaries, including a securities brokerage, a venture capital firm, and a bank based in Florida.
As of 25 December 2023, Desjardins Group's consolidated assets totalled $407 billion CAD.
NameInstitution NoTotal assets Employees Source
Desjardins815$40758,774

Credit agencies