Bank of Canada

 

 

Banking system of Canada is well developed and the banks of Canada play significant role on the society and economy of the country. Canadian banks are marked among the top taxpayers of the country. The banks recruit a huge number of people every year. About 200,000 people are employed with the different banks in Canada. Throughout Canada, there are more than 8,000 bank branches and more than 18,000 automated banking machines. 

 

Bank of Montreal 

The Bank of Montreal is one of the oldest banks in Canada, was founded in the year 1817. The legal head office of Bank of Montreal is located in Montreal whereas the operational headquarters is in Toronto. In terms of deposit, the Bank of Montreal (BMO) is the fourth largest bank in Canada. Bank of Montreal is also termed as Banque de Montreal in French. This bank has more than 900 branches throughout Canada. It has over 7 million customers. This bank of Canada serves different client groups, which are divided as Personal and Commercial Client Group, Private Client Group and Investment Banking Group.

 

In French this bank is known as Banque Canadienne Imperiale de Commerce. It is considered as the fifth largest one in the country in terms of deposits. The headquarters of the bank is located at Toronto. On an average, the bank serves above 11 million clients. Apart from serving Canadian customers, CIBC also operates in the United Kingdom, Caribbean, the United States and Asia. 

 

The Canadian Imperial Bank of Commerce (CIBC) has divided its operations in 2 business units, which are known as CIBC Retail Markets and CIBC Wholesale Banking. The different functional groups that support CIBC in its banking operations are the Administrative Division, Corporate Division, Finance, Risk Management and Technology Operations. CIBC has widespread financial network and has 1,069 branches across Canada. 

 

Canadian Western Bank was formed in 1988 as the Bank of Alberta and the Western & Pacific Bank of Canada merged. The operational area of the Canadian Western Bank is mainly the western part of Canada and it is based in Edmonton. This bank offers both personal and business banking facilities to its clients. 

 

Canadian Western Bank offers a host of services to its customers that include – investment products, small business lending, credit card, insurance, business accounts, personal accounts, loans and business accounts. 

 

The Citizens Bank of Canada is owned by Vancouver City Credit Union. This is a virtual bank, which initially offered business banking, and personal banking services through online banking. Very recently, it decided to shift from the personal banking marketplace and introduce foreign exchange services and Visa card services for the non-retail customers. There are three boutiques operated by the Citizens Bank of Canada, which are located in Vancouver, Calgary and Toronto. 

 

The Laurentian Bank operates financial networking across Canada with its base in Quebec. The Laurentian Bank was formed in 1846, which has turned to a Schedule I bank only a few years back. It offers both personal banking and commercial banking services to its customers. This Canadian bank is a registered member with the Canada Deposit Insurance Corporation and is a member of Interac and Canadian Bankers Association.  Across Canada, the Laurentian Bank has 156 branches, 15 brokerage offices and 32 commercial banking centres. 

 

RBC Royal Bank is also known as Banque Royale du Canada in French. It is more commonly referred as RBC. Among the financial institutions in Canada, the RBC Royal Bank is considered the largest one. This bank has more than 80,100 employees across the world and it serves about 17 million clients. This financial institution was founded in 1864 in Nova Scotia. The official headquarters of RBC is located at Montreal and its corporate offices have been set up at Toronto. RBC has registered membership with Canada Deposit Insurance Corporation and is a member of the Canadian Bankers Association. 

 

RBC Royal Bank offers personal finance and investment services like mutual funds, personal banking loans, insurance, student banking, student loans, online and telephone banking, mortgages etc. The bank offers business banking services for commercial markets, small business and entrepreneurs. The service also includes insurance and equity financing related services for its customers. 

 

Scotiabank or the Banque Scotia is the other name for the Bank of Nova Scotia, which is also known as Banque de Nouvelle-Ecosse in French. Scotiabank was founded in 1832 in Halifax in Nova Scotia. In terms of market capitalization and total deposits, this bank is considered the third largest bank in the entire country of Canada. The corporate offices of this financial institution are located at Toronto. The bank offers modern banking facilities and services to its clients which include corporate, investment, commercial, retail, international banking. The four divisions of the Bank of Nova Scotia or Scotiabank are Canadian Banking, E-Commerce or E-Banking at Scotiabank, International Banking and Scotia Capital. 

 

TD Canada Trust is an operational part of Toronto-Dominion Bank in Canada. It looks after the small business, personal and commercial banking services. The bank serves about 10 million customers in Canada. There are above 1,100 branches of TD Canada Trust and it has set up 2,600 ATM Green Machines across Canada.

 

Initially Canada Trust was set up as an independent company. In 2000, the Toronto-Dominion Bank took up Canada Trust. The Canada Trust and the Toronto-Dominion Bank both merged to form the TD Canada Trust.

 

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