Which is the safest Canadian bank
The banking system in Canada is considered to be one of the safest in the world. Since 2010, it has consistently been rated as the world's largest banking system, as reported by the World Economic Forum. Canada's largest banks include the Royal Bank of Canada, Toronto Dominion Bank, and the Bank of Nova Scotia.
Canada's banks, also known as chartered banks, have more than 8,000 branches and nearly 20,000 automated ATMs. Initially, banking in Canada was conducted through colonial overseas operations, but in 1817 when the Bank of Montreal was established it switched to a local banking system. Other banks quickly followed. The Canadian dollar officially took shape in 1871, displacing individual bank currencies. In the 1980s and 1990s, Canada's largest banks acquired almost all of the trust and brokerage firms and set up their own insurance and mutual fund businesses.
In regular trading, Canadian banks are commonly divided into two categories: the five largest banks, known as the Big Five, and then a group of smaller, secondary banks. In addition to the Royal Bank of Canada, the Toronto Dominion Bank and the Bank of Nova Scotia, the Big Five also include the Bank of Montreal and the Canadian Imperial Bank of Commerce (CIBC).
Royal Bank of Canada
The Royal Bank of Canada (RY), commonly referred to as RBC, is Canada's largest financial institution with a market capitalization of nearly $ 85 billion. The bank employs over 80,000 people worldwide and looks after around 18 million customers. Founded in 1864 in Halifax, Nova Scotia, the company is headquartered in Montreal, Quebec and headquartered in Toronto. In Canada, the bank is run as RBC Royal Bank or RBC Banque Royale in French.
There are approximately 1,200 RBC stores in Canada serving approximately 10 million customers. In the United States, RBC Bank is a retail banking subsidiary with nearly 450 branches in six states in the southeastern United States, serving nearly one million customers. The bank has a global investment and corporate banking subsidiary, RBC Capital Markets, and an investment brokerage firm known as RBC Dominion Securities.
Toronto Dominion Bank
Toronto Dominion Bank (TD), commonly known by the initials TD, is headquartered in Toronto and is a multinational finance and banking services company. This bank was formed in 1955 from the merger of the Bank of Toronto, founded in 1855, and Dominion Bank, founded in 1869. Based on its market capitalization of $ 75 billion, TD Bank Group is one of the ten largest banks in North America.
Toronto Dominion is the 19th largest bank in the world, according to a report by Forbes. The bank and its subsidiaries employ more than 85,000 people and serve over 22 million customers worldwide. The bank operates as TD Canada Trust in Canada and serves around 11 million customers in more than 1,100 branches. In the US, the bank operates as TD Bank and was formed through the merger of TD Bank North and Commerce Bank. The US subsidiary has almost 1,500 branches and serves almost 7 million customers.
Bank of Nova Scotia
The Bank of Nova Scotia (BNS), better known as Scotiabank, is Canada's third largest bank in terms of deposits. It has a market capitalization of just under $ 60 billion. The bank, which operates in more than 50 countries around the world, serves more than 20 million customers and offers a wide range of services and products, including corporate and retail banking, corporate and investment banking and wealth management. Scotiabank shares are traded on the Toronto and New York stock exchanges.
The bank was founded in Halifax in 1832 and relocated to Toronto in 1900. Scotiabank has maintained its position as Canada's most international bank due to its acquisitions in Latin America, the Caribbean, India and Europe. It is a member of the London Bullion Market Association.
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