Big Six Banks
Introducing the Big Six
The big six banks is a term utilized in Canada to depict the National Bank of Canada, Royal Bank, the Bank of Montreal, Canadian Imperial Bank of Commerce, the Bank of Nova Scotia (Scotiabank), and Toronto Dominion Bank (TD).
National Bank of Canada
Headquartered in Montreal, the National Bank of Canada will be Canada's 6th biggest commercial bank. The bank has branches in practically the Canadian regions as a whole, and in 2020 had north of 21,000 employees. It additionally had several representative offices, auxiliaries, and partnerships internationally, serving both Canadian and non-Canadian clients. (The National Bank of Canada is separate from the Canadian central bank, the Bank of Canada.)
Royal Bank of Canada
The Royal Bank of Canada (RBC), alongside its subsidiaries, works as a diversified financial services company. RBC offers both personal and commercial banking, wealth management, insurance, investor services, capital markets products and services universally. As of the second from last quarter of 2020, RBC had 86,000 employees, in excess of 17 million clients and worked in 36 countries.
The Bank of Montreal
The Bank of Montreal (BMO) was laid out in 1817. Today BMO Financial Group is a diversified financial services provider with total assets under management (AUM) enough to make them the eighth biggest bank in North America. BMO gives its in excess of 12 million customers with options in retail banking, wealth management, and investment banking products and services.
The Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce (CIBC) is headquartered in Toronto, Ontario, and was shaped in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada. This was then the biggest merger between chartered banks in Canadian history. Alongside its companions in the Bix Six Banks, CIBC has operations universally and serves in excess of 10 million clients with 45,000 employees. CIBC's Institution Number (or bank number) is 010, and SWIFT code is CIBCCATT.
The Bank of Nova Scotia
The Bank of Nova Scotia (Scotiabank) is the third biggest bank in Canada. Scotiabank has in excess of 10 million customers in its home market and another 15 million worldwide. Many consider Scotiabank as one of the more international banks in Canada, given its presence all through Latin America and the Caribbean, alongside Europe and parts of Asia.
TD Bank Group
TD Bank Group (comprising of Toronto-Dominion Bank and its auxiliaries) is broken down into three business lines: Canadian Retail, U.S. Retail, and Wholesale Banking. TD Bank Group serves in excess of 26 million customers worldwide, with CAD$1.7 trillion in assets as of July 2020. With more than 14 million active online and mobile customers, TD likewise positions among top online financial services firms.
- The Royal Bank of Canada, alongside its auxiliaries, works as a diversified financial services company.
- Headquartered in Montreal, the National Bank of Canada will be Canada's 6th biggest commercial bank and has branches in essentially the Canadian territories as a whole.
- TD Bank Group serves in excess of 26 million customers worldwide, with CAD$1.7 trillion in assets and in excess of 14 million active online and mobile customers.
- The Bank of Montreal (BMO) Financial Group is a diversified financial services provider and the eighth-biggest bank in North America by AUM.
- The Bank of Nova Scotia (Scotiabank) is the third-biggest Canadian bank with 25 million customers at home and abroad.
- Canadian Imperial Bank of Commerce (CIBC) has operations all around the world and serves in excess of 10 million clients.