What are the 'Big Six Banks'

The big six banks is a term used in Canada to describe the National Bank of Canada, Royal Bank, the Bank of Montreal, Canadian Imperial Bank of Commerce, the Bank of Nova Scotia (Scotiabank), and Toronto Dominion Bank (TD).

BREAKING DOWN 'Big Six Banks'

Headquartered in Montreal, the National Bank of Canada is Canada’s sixth largest commercial bank. The bank has branches in nearly all of Canadian provinces and in 2017 had over 2.4 million individual clients. As of July 31, 2016 the National Bank of Canada had a network of 453 branches and 937 ATMs throughout the nation. It also had a number of representative offices, subsidiaries and partnerships internationally, serving both Canadian and non-Canadian clients. (The National Bank of Canada is separate from the the Canadian central bank, the Bank of Canada.)

The Royal Bank of Canada (master brand name RBC) (stock ticker RY on TSX and NYSE), along with its subsidiaries, operate as a diversified financial services company. RBC offers both personal and commercial banking, wealth management, insurance, investor services, capital markets products and services globally. RBC has 80,000 full- and part-time employees and 16 million clients in Canada, the U.S. and 35 other nations.

The Bank of Montreal (BMO) was established in 1817. Today BMO Financial Group is a diversified financial services provider with total assets under management (AUM) of $710 billion as of October 31, 2017. BMO provides its (more than) 12 million customers with options in retail banking, wealth management and investment banking products and services.

The Canadian Imperial Bank of Commerce (CIBC) is headquartered in Toronto, Ontario, and was formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada. This was the the largest merger between chartered banks in Canadian history. Along with its peers in the Bix Six Banks, CIBC has operations globally and serves more than eleven million clients, with greater than 40,000 employees. CIBC’s Institution Number (or bank number) is 010, and SWIFT code is CIBCCATT.

The Bank of Nova Scotia (Scotiabank) is the third-largest Canadian bank by deposits and market capitalization. Scotiabank has 24 million customers in nearly 50 nations worldwide. Many deem Scotiabank as one of the more international banks in Canada, given its acquisitions throughout in Latin America and the Caribbean, along with Europe and parts of Asia. Its subsidiary ScotiaMocatta participates in the London gold fix, given its membership in the London Bullion Market Association.

TD Bank Group (consisting of the Toronto-Dominion Bank and its subsidiaries) is broken down into three business lines: Canadian Retail, U.S. Retail, and Wholesale Banking. TD Bank Group serves more than 25 million customers worldwide with CDN$1.3 trillion in assets on October 31, 2017. With approximately 11.5 million active online and mobile customers, TD also ranks among top online financial services firms.

RELATED TERMS
  1. Caisse Populaire

    Caisse populaire is a cooperative, member-owned financial institution ...
  2. Bank

    A bank is a financial institution licensed as a receiver of deposits. ...
  3. National Bank

    In the United States a national bank is a commercial bank, while ...
  4. Chain Banking

    Chain banking is a form of bank governance that occurs when a ...
  5. International Banking Act of 1978

    The International Banking Act of 1978 put all American bank branches ...
  6. Universal Banking

    Universal banking is a system in which banks provide a wide variety ...
Related Articles
  1. Personal Finance

    Retail Banking vs. Corporate Banking

    Retail banking is the visible face of banking to the general public. Corporate banking refers to the aspect of banking that deals with corporate customers. Check out more on the differences between ...
  2. Insights

    The World's Top 10 Banks

    Learn more about the world's largest banks and how more financial power shifts eastward as China is home to four of the world's largest banks.
  3. Tech

    Canada Banks Ban Users From Buying Cryptocurrency

    Bank of Montreal has become the latest Canadian bank to ban cryptocurrency transactions.
  4. Financial Advisor

    Is Now the Right Time to Buy Canadian Stocks?

    Learn about the Canadian stock market and why it has declined over the past five years. Understand if now is a good time to invest in Canadian stocks.
  5. Investing

    The 3 Best Canadian Dividend Stocks (CNQ)

    Learn about the state of the Canadian stock market and three Canadian dividend-paying stocks that are worth taking a look at in late 2015.
  6. Insights

    The 4 Biggest Chinese Banks

    Learn how the Chinese banking system is operated and managed, and get information about the top four largest banks in the country.
  7. Trading

    The Canadian Dollar: What Every Forex Trader Needs To Know

    Canada is becoming an increasingly viable alternative to the U.S. dollar, making it more important in the forex market.
  8. Trading

    Why U.S. Dollars Aren't Accepted in Canada

    Is the U.S. dollar accepted in Canada? Learn about the legal and practical aspects of using U.S. dollars in Canadian transactions.
RELATED FAQS
  1. Who decides to print money in Canada?

    Discover how the Bank of Canada and chartered banks in the country can create new money, and how creating new money causes ... Read Answer >>
  2. What is the average profit margin for a company in the banking sector?

    Learn what the average profit margin is for companies in the banking sector, along with other evaluation metrics often used ... Read Answer >>
  3. What's the difference between investment banks and commercial banks?

    Understand the principal differences between investment banks and commercial banks, and the areas of banking services that ... Read Answer >>
  4. What economic indicators are important to consider when investing in the banking ...

    Find out which economic indicators are most useful for investors in the banking sector, especially those influenced by central ... Read Answer >>
  5. What are the 9 major financial institutions?

    There are nine major types of financial institutions. Understand the major types of financial institutions that exist and ... Read Answer >>
Trading Center