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.
^ Staff, Investopedia (March 12, 2008). "Big Six Banks". Retrieved June 9, 2018.

[Duffy2004-1] 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.

[Dinnie2011-2] 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.

[3] "Bank Act - Part VII: Ownership of Banks". Archived from the original on October 4, 2012.

[4] 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)

[5] "2020 list of global systemically important banks (G-SIBs)". www.fsb.org. November 11, 2020. Retrieved July 8, 2021.

[6] Staff, Investopedia (March 12, 2008). "Big Six Banks". Retrieved June 9, 2018.

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