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Banks Operating in Canada

Last modified: 14 July 2015

The banking industry includes domestic banks, foreign bank subsidiaries, full-service foreign bank branches and foreign bank lending branches operating in Canada. 

As major players in Canada's financial industry, the banks serve millions of customers. They include individuals, small and medium-sized businesses, large corporations, governments, institutional investors and non-profit organizations.

The major domestic banks offer a full range of banking, investment and financial services. They have extensive, nation-wide distribution networks and also are active in the United States, Latin America, the Caribbean, Asia and other parts of the world.

Many large international banks have a presence here — through a subsidiary, representative office or branch of the parent bank. Most specialize in corporate and investment banking (e.g., niche financing) and have only one or two offices/branches. A notable exception is HSBC Bank Canada, which has a strong retail presence with branches across Canada.

Schedule I banks are domestic banks and are authorized under the Bank Act to accept deposits, which may be eligible for deposit insurance provided by the Canadian Deposit Insurance Corporation.

Schedule II banks are foreign bank subsidiaries authorized under the Bank Act to accept deposits, which may be eligible for deposit insurance provided by the Canada Deposit and Insurance Corporation. Foreign bank subsidiaries are controlled by eligible foreign institutions.

Schedule III banks are foreign bank branches of foreign institutions that have been authorized under the Bank Act to do banking business in Canada. These branches have certain restrictions. 

The Office of the Superintendent of Financial Institutions (OSFI) authorizes these institutions to operate in Canada. To view the OSFI list of all banks operating in Canada, click here and select "Banks."

For a list of institutions that are members of the Canadian Bankers Association, please visit our Member Banks page.