List of banks and credit unions in Canada: Wikis

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Bank of British North America, on Yonge Street in Toronto

This is a list of banks in Canada, including credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks".

Contents

Banks by legal classification

Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks.

For a greater explation of the classifications, see Banking in Canada and Canada Bank Act

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Schedule I banks (domestic banks)

Under the Canada Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, i.e. domestic banks, even if they have foreign shareholders. There are 21 domestic banks as of February, 2009.[1]

Schedule II banks (Canadian banks which are subsidiaries of foreign banks)

As of June 2009, there were 25 of these banks in Canada, however 4 were in liquidation.[2]

Schedule III banks (foreign banks with branches in Canada)

Full service

As of February 2008, there were 23 such banks in Canada.[3]

Lending only

There were 7 such banks in Canada in February, 2009.[4]

Government-owned banks

Alberta Treasury Branches

Alberta Treasury Branches, or ATB Financial, is a unique, provincially-owned company that provides banking services, but for legal reasons is not considered a bank. It was created during the Great Depression by the government of William Aberhart under the influence of the strongly anti-bank economic ideology called Social Credit. The Social Credit Party of Alberta, won the 1935 election in part on a platform that argued for the nationalisation or abolition of banks. But court cases later determined that the provincial government did not have the powers to do this. The ATB was created as a provincial-government alternative to the private banks. If it were a bank, ATB would be subject to federal legislation; therefore, the institution is never legally referred to as a bank so that it can remain under provincial jurisdiction. However, it offers all services associated with a standard retail bank.[5]

Credit unions

Canada has a strong co-operative financial services sector, which consists of both credit unions and caisses populaires, the latter located predominantly in Quebec. At the end of 2001 Canada's credit union sector consisted of 681 credit unions and 914 caisses populaires, with more than 3,600 locations and 4,100 automated teller machines.[6] By 2007 consolodation that reduced this number to 525 credits unions and caisses populaires outside of Quebec. [7] Canada has the world's highest per capita membership in the credit union movement, with over 10 million members, or about one-third of the Canadian population. While the sector is active in all parts of the country, it is strongest in the western provinces and in Quebec. In Quebec 70 per cent of the population belongs to a caisse populaire, while in Saskatchewan close to 60 per cent belongs to a credit union

Ten largest credit unions in Canada by assets, December 2001

This includes credit unions only (English Canada) not caisses populaires (Quebec and French Canada).[8]

  1. Vancouver City Savings
  2. Coast Capital Savings
  3. Surrey Metro Savings
  4. Envision Financial
  5. Capital City Savings and Credit Union Limited
  6. Community Credit Union
  7. Niagara Credit Union Limited
  8. Civil Service Co-operative
  9. Credit Society Limited
  10. Steinbach Credit Union
  11. HEPCOE Credit Union Limited

Ten largest credit unions in Canada by assets, September 2008

Excluding Quebec.

  1. VanCity
  2. Coast Capital Savings
  3. Servus Credit Union
  4. Meridian Credit Union
  5. Envision Credit Union
  6. Community Credit Union
  7. Conexus Credit Union
  8. Steinbach Credit Union
  9. Assiniboine Credit Union
  10. First Calgary Savings

Quebec

Most caisses populaires in Quebec (and some credit unions outside the province) are members of the Mouvement des caisses Desjardins. Desjardins is both an umbrella group, a brand, and a holding company. Desjardins owns and operates a number of financial businesses.[9]

The "Big Five"

Canada's "big five" banks, in order of both assets and market capitalization:

The term "big six" is frequently used as well. The "Big Six" also includes the National Bank of Canada, though it is significantly smaller than the other major banks and is focused in the province of Quebec.

Defunct or merged banks

Credit agencies

See also

References

  1. ^ http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=568
  2. ^ http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=568
  3. ^ http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=568
  4. ^ http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=568
  5. ^ http://www.financialpost.com/executive/story.html?id=1787621
  6. ^ [http://www.fin.gc.ca/toc/2003/ccu_-eng.asp
  7. ^ [1]
  8. ^ http://www.fin.gc.ca/toc/2003/ccu_-eng.asp
  9. ^ http://www.fin.gc.ca/toc/2003/ccu_-eng.asp

External links


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