Top Big 6 Banks in Canada 2025 Discover whether Canada’s largest financial institutions are The Big 6 Banks in Canada’s Largest Banks Learn about RBC, TD, Scotiabank, BMO, CIBC, and National Bank of Canada in this detailed guide.
Introduction
Canada’s banking sector is one of the most stable in the world, with a handful of dominant institutions controlling most of the market. These banks are often referred to as the “Big Five” or sometimes the “Big Six”—but which term is correct?
The Big Five banks have historically dominated the Canadian financial landscape, but in recent years, the National Bank of Canada has gained enough influence to be included in discussions, leading to the term Big Six Banks of Canada.
1. Royal Bank of Canada (RBC)
Revenue: $56.13 billion
Headquarters: Toronto, Ontario
Key Services: Personal & Commercial Banking, Wealth Management, Capital Markets
International Presence: Operates in over 36 countries
2. Toronto-Dominion Bank (TD Bank Group)
Revenue: $51.84 billion
Headquarters: Toronto, Ontario
Key Services: Retail Banking, Business Banking, Wealth Management
International Presence: Strong footprint in the U.S. through TD Bank
3. Bank of Nova Scotia (Scotiabank)
Revenue: $32.31 billion
Headquarters: Toronto, Ontario
Key Services: Retail Banking, Global Banking, Capital Markets
International Presence: Strong operations in Latin America and the Caribbean
4. Bank of Montreal (BMO)
Revenue: $23.32 billion
Headquarters: Montreal, Quebec
Key Services: Personal & Business Banking, Investment Services, Wealth Management
International Presence: Strong in the U.S. through BMO Harris Bank
5. Canadian Imperial Bank of Commerce (CIBC)
Revenue: $21.83 billion
Headquarters: Toronto, Ontario
Key Services: Retail Banking, Investment Banking, Wealth Management
International Presence: Focused on North America
These five banks control the majority of the Canadian banking market and are known for their stability, innovation, and global presence.
The Big 6: Expanding the List
Some experts and analysts include the National Bank of Canada in this elite group, forming the Big Six Banks of Canada. While smaller than the others, National Bank is still one of the largest financial institutions in the country.
6. National Bank of Canada
Top Big 6 Banks in Canada 2025
Revenue: $9.87 billion (2023)
Headquarters: Montreal, Quebec
Key Services: Retail Banking, Commercial Banking, Wealth Management
International Presence: Primarily focused on Quebec and New Brunswick
Conclusion
So, should you use Big Five or Big Six when referring to Canada’s largest banks?
Both terms are technically correct:
Top Big 6 Banks in Canada 2025
If you focus on the largest banks by total market control, then the Big Five is the right term.
If you recognize regional banking strength, then the Big Six includes the National Bank of Canada.
Regardless of the term you use, these banks dominate Canada’s financial industry, offering world-class banking services and contributing to the country’s stable economy.
- FAQs
- Top Big 6 Banks in Canada 2025
1. What are the Big Five banks in Canada?
The Big Five banks in Canada are RBC, TD, Scotiabank, BMO, and CIBC. They are the largest banks by assets, revenue, and market capitalization.
2. Why do some people refer to the Big Six banks in Canada?
The National Bank of Canada is included as the sixth-largest bank, primarily serving Quebec and New Brunswick, which is why some analysts use the term Big Six Banks.
3. Which is the biggest bank in Canada?
The Royal Bank of Canada (RBC) is the largest bank in Canada by total assets and revenue, followed by TD Bank.
4. Is the National Bank of Canada as big as RBC or TD?
No, the National Bank of Canada is much smaller than RBC or TD, with a more regional focus.
5. Which Canadian bank is the best for international banking?
Scotiabank has a strong international presence, especially in Latin America and the Caribbean, making it a top choice for international banking.