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Banking industry in Canada - statistics & facts

The Canadian banking industry is dominated by five large banks: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD Bank), Bank of Nova Scotia (Scotiabank), Bank of Montreal, and Canadian Imperial Bank of Commerce. RBC and TD Bank are the two largest in the country in terms of both market capitalization and total assets. These two banks are also among the largest banks in the world, ranked 9th (Toronto-Dominion Bank) and 10th (Royal Bank of Canada) in terms of market capitalization.

Retail banking

The same above mentioned five banks are the market leaders for Canadian retail banking. As of 2021, Royal Bank of Canada received the highest customer satisfaction for retail banking, closely followed by Scotiabank. Retail banking in Canada deals with, as traditionally and like in most countries, deposits, credits, and mortgages. Like in most countries, the retail banking trend is going towards online banking rather than branch banking. As a result of increased online banking, the same trend in Canada is shown as in most countries: a steady decline in the number of bank branches.

Investment banking

Despite being far behind the United States when it comes to the number M&A deals, Canada completed the second highest number of deals in the Americas, and as of September 2021, the value of M&A transactions in Canada exceeded 97 billion U.S. dollars. Although all the leading domestic banks operate within the investment banking industry, the two largest financial advisors to M&A transactions in the country, in terms of deal value, were from the U.S.: Goldman Sachs, followed by JPMorgan Chase. The largest domestic investment bank was Scotiabank, ranked third, with a deal value of almost 21 billion U.S. dollars.

Corporate banking

Domestic banks are the largest providers of business loans in Canada, with more than half of all business credits disbursed by the end of 2020 coming from domestic banks. The total outstanding value of business loans at the end of the second half of 2020 decreased by 12 percent compared to the first half of the year, due to a drop in business new loans to large sized businesses.

Interesting statistics

In the following 4 chapters, you will quickly find the 21 most important statistics relating to "Banking industry in Canada".


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