Knowing Your Banks: “The Big Six”

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The time has come when to about the “The Big Six”, this article has been anticipated ever since I began talking about the major Canadian Banks.

You may be asking yourselves what is “The Big Six” and it is a reasonable question to be asking. “The Big Six” is the name for the 6 largest banks in Canada.

“The Big Six” incorporates Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC) and the National Bank of Canada (NBC).

The order given for “The Big Six” is in order of market capitalization on the TSX.

Here is a bit of history for “The Big Six”, RBC has always been the largest by a significant margin and up into the late 1990s CIBC was the second largest followed by BMO, Scotiabank and TD Bank. However the ranking changed when several reorganizations occurred. In 1993 Royal Bank acquired Royal Trust which was the second largest trust in Canada at the time and in Scotiabank purchased National Trust in 1997. Scotiabank then began to expand its international operations thus passing BMO in size. TD Bank merged with Canada Trust which was the largest trust in Canada for a long time thus ensuring its number two spot. With no major changes in BMO and CIBCs unsuccessful incursion in the US market led to the number 4 and 5 spots respectively.

Now the last of “The Big Six” is somewhat of an exception because National Bank of Canada (NBC) is significantly smaller than the other major banks and it’s focused primarily in Quebec.

“The Big Six“was formerly known as “The Big Five” before the addition of NBC, in most cases, the name “The Big Five” is used more frequently, however personally I find that “The Big Six” is more suitable.

Now each of “The Big Six” respectively has their own history and it would only be right to into detail for each respective bank. Which I have done throughout the past few months, and it can be found at the end of the article.

With “The Big Six” out of the way in bank in Canada, what is next you ask, well you will have to wait to find out.

“The Big Six”:

Knowing Your Banks: Royal Bank of Canada

Knowing Your Banks: Toronto-Dominion Bank

Knowing Your Banks: Bank of Nova Scotia

Knowing Your Banks: Bank of Montreal

Knowing Your Banks: Canadian Imperial Bank of Commerce

Knowing Your Banks: National Bank of Canada

Continuing Series:

Knowing Your Banks: Citizens Bank of Canada

Knowing Your Banks: Canadian Western Bank

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