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Canadian Banks

canadaClassification of banks in Canada is based on the ownership of the banks. The banks are classified as highlighted below:

  • Domestic banks (schedule 1)
  • Subsidiaries of foreign banks (Schedule II) and
  • Branches of foreign banks (Schedule III)

 

Schedule I Banks

There are up to 30 domestic banks in Canada as of September 2016. They are called Schedule I banks and these domestic banks are highlighted below:

  • B2B bank was established in 2012 and has its headquarters in Toronto. The bank is a subsidiary of Laurentian Bank
  • Bank of Montreal was established in 1817 with its headquarters at Montreal
  • Bank of Nova Scotia was established in 1832 with its headquarters at Toronto  and it operates as Scotiabank
  • Bridgewater Bank was established in 2006 with its headquarters at Calgary
  • Canadian Imperial Bank of Commerce (CIBC) was established in 1961 with its headquarters at Toronto. The bank is an outcome of a merger of two banks both of which were  founded in 1873 and 1867
  • Canadian Tire Bank was established in 2003 with its headquarters at Oakville and Ontario
  • Canadian Western Bank was established in 1985 with its headquarters at Edmonton
  • Citizens Bank of Canada was established in 1997 with its headquarters at Vancouver     
  • Street Capital Bank of Canada was established in 2017 and has its headquarters at Toronto. The bank got Schedule 1 status in December 2016 and started its banking operation on the 1st of February, 2017.
  • Continental Bank of Canada was established in 2013 and has its headquarters at Whitby
  • Concentra Bank was established in  2017 with its headquarters at Saskatoon
  • CS Alterna Bank was established in 2000 and has its headquarters at Ottawa. The bank belongs to the credit union Alterna Savings.
  • Directcash Bank was established in 2007 and has its headquarters at Calgary. It has an arms-length relationship with Directcash Payments Inc.
  • Equitable Bank was established in 2013 with its headquarters at Toronto
  • Exchange Bank of Canada was established in Toronto and it provides foreign exchange services to businesses and financial institutions. It is a subsidiary of Currency Exchange International Corp.
  • First Nations Bank of Canada was established in 1996 with its headquarters at Saskatoon
  • General Bank of Canada was established in 2005 with its headquarters at Edmonton
  • Haventree Bank was established in 2018 and has its headquarters in Toronto.
  • Hollis Canadian Bank was established in 1998 with its headquarters in Toronto. The bank was formerly named Dundee Bank of Canada, which is a subsidiary of Scotiabank
  • Home Bank was established in 2015 with its headquarters in Toronto. The bank is part of Oaken Financial owned by Home Capital Group, a bank that started operation as CFF Bank, which was established by Canadian first Financial after the acquisition of MonCana Bank. CFF Bank was renamed Home Bank in August 2016.
  • HomEquity Bank was established in 2009 with its headquarters in Toronto
  • Laurentian Bank of Canada was established in 1846 with its headquarters in Montreal.
  • Manulife Bank of Canada was established in 1993 with its headquarters in Toronto
  • National Bank of Canada was established in 1859 and has its headquarters in Montreal
  • President's Choice Bank was established in 2001 with its headquarters in Toronto. The bank was started operation as president's Choice Finance's credit card issuer
  • Rogers Bank was established in 2013 with its headquarters in Toronto. The bank is a property of Rogers Communications
  • Royal Bank of Canada (RBC) was established in 1864 with its headquarters in Toronto
  • Tangerine Bank was established in 2013 with its headquarters in Toronto. The bank was previously named ING Direct Canada. It was bought by Scotiabank in November 2012, after which it was named in the spring of 2014 as Tangerine.
  • Toronto-Dominion Bank was established in 1955 with its headquarters in Toronto. The bank operates as TD Canada Trust, which was formed as a merger of two banks established in 1869 and 1855.
  • Versabank started operation in 1980 and has its headquarters at both London and Ontario. It was initially named Pacific & Western Bank of Canada.
  • Wealth One Bank of Canada was established in 2015 with its headquarters in Toronto.
  • Zag Bank was established in 2002 with its headquarters at High River and Alberta. The former name of the bank was Bank West. It was acquired by Desjardins Group in 2011.

                                 

Schedule II Banks

They are also subsidiaries of foreign banks. There are 24 of them operating in Canada and they are highlighted below:

  • AMEX Bank of Canada has its parent company in the United States of America.
  • Bank of America also has its parent company in the United States  and has gone into voluntary liquidation
  • Bank of China has its parent company in China
  • Bank of Tokyo-Mitsubishi UFJ Canada has its parent company in Japan
  • Bank One Canada has its parent company in The United States. It has gone into voluntary liquidation  
  • BNP Paribas Canada has its parent company in France
  • BofA Canada Bank has its parent company in the United States  and was known as MBNA Canada Bank until December 2011
  • Citco Bank Canada has its parent company  in the United States
  • Citibank Canada has its parent company in the United States
  • CTBC Bank Corp. Canada has its parent company in Taiwan
  • Habib Canadian Bank has its parent company in Switzerland
  • HSBC bank Canada has its parent company in the UK
  • ICICI bank Canada has its parent company in India
  • Industrial and Commercial Bank of China, Canada has its parent company in China.
  • J.P Morgan bank Canada has its parent company in the United States
  • J.P. Morgan Canada has its parent company in the United States  and has gone into liquidation
  • KEB Hana Bank Canada has its parent company in South Korea and was formerly called Korea Exchange Bank of Canada
  • Mega International Commercial Bank Canada has its parent company in Taiwan
  • Shinhan Bank Canada has its parent company in South Korea
  • Societe Generale Capital Canada has its parent in France
  • State Bank of India Canada has its parent company in India
  • Sumitomo Mitsui Banking Corporation of Canada has its parent company in Japan
  • UBS bank Canada has its parent company in Switzerland
  • Wal-Mart Canada Bank has its parent company in the United States.

 

Schedule III Banks

These are the branches of foreign banks and they are 28 in number based on an August 2016 data. These banks are not given the authority to accept deposits less than $150,000.