Canadian banks hold trillions of dollars in total assets. Five firms dominate the Canadian banking industry. The two largest by assets are the Royal Bank of Canada (RBC) and Toronto-Dominion Bank (TD Bank). Trailing in size and revenue are the Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and the Canadian Imperial Bank of Commerce (CIBC). When measured by market capitalization, Canadian banks are among the largest in the world.
The national landscape in Canada varies greatly across the country. While the northern areas include the Arctic Circle and the harsh climate expected therein, southern Canada houses some of the leading financial centers in North America. This has also led to a culture which highly values personal contact and politeness. As such, the leading banks must compete for customer satisfaction. This is particularly important in a market when top five banks claim nearly three quarters of users’ primary accounts.