1: Today we will be taking a look at the banking sector in Canada.

4: The land of beautiful lakes & mountain ranges, the friendliest people and the Largest producers

10: of Uranium.

11: But let's just skip past that one and go back to the happy people.

14: Now, while the capital of Canada is Ottawa it's financial heart is located in Toronto.

20: This is where all of the big five banks, have their HQ located.

23: Toronto is truly a global player, with its metropolitan area, housing a population of

27: about 6.1 million people, making it Canada's largest city.

31: Last year the six largest banks paid almost $10 billion (USD) in taxes and the Financial

36: sector as a whole contributes 6.7% to Canada's GDP.

40: At number 5 on the list of Largest banks in Canada, we find the Canadian Imperial Bank

44: of Commerce.

45: The bank was Founded in 1961 when the two biggest chartered banks in Canada, the Canadian

50: bank of Commerce (est. 1867) & The Imperial Bank of Canada (est. 1875) merged, to form

57: the Canadian Imperial Bank of Commerce (CIBC).

61: Fast forward about 60 years and the bank now has well over $600 billion (USD) in total

67: assets and a total workforce over 40,000 employees.

70: The bank mainly focusses on retail and small business banking which resulted in a nice

75: $14.6 billion in revenue of which the bank netted about $3 billion in total income.

82: Moving on to number 4, we find the Bank of Montreal, which is also Canada's first ever

87: bank.

88: The bank was established in 1817 and played a major role in shaping Canada as a nation

92: and it's financial system.

94: One way in which the bank achieved this, was by issuing Canada's first ever paper currency

98: in the form of this CAD$20 banknote.

101: People could then exchange this at the bank for silver or gold.

104: At this time there really wasn't a uniform banknote, different banks used their own paper

108: currency and many Canadians were even using multiple currencies, including, American dollars,

113: British pounds, colonial currencies and even the Spanish Peso.

117: Because its just not a party until the Spanish have invaded right, they were everywhere.

122: Currently the Bank of Montreal has its HQ in Toronto and the bank has a total asset

126: pool of around $743 billion USD.

131: Last year the bank made $17.8 billion in total revenue and netted about $4.5 billion dollars.

138: In addition to this, bank serves around 8 million customers in Canada and about 2 million

142: customers in the United States.

143: Before we take a look at the final giants in the Canadian banking sector please like

147: and subscribe to the channel for more Finance & Banking information.

150: At number 3 we find the Bank of Nova Scotia or more commonly known as Scotiabank.

155: Which was founded in 1832 in Halifax Nova scotia.

158: But in 1900 the Bank packed up its belongings, booked a train and traveled the full 1115

163: miles to Toronto to set up it's new Headquaters over there.

166: In the post WWII economic boom Scotiabank was pioneering some very interesting new products

172: and policies.

173: This included, Canada's first consumer lending products, called the Scotia Plan Loans.

178: And next to this bank also started offering public trading of gold.

181: So, Today the bank is well established in both North and South America and has a total

185: asset pool of $890 billion dollars (USD), and does about $24.5 billion dollars (USD),

191: in revenue of which it nets around 5.4 billion dollars (USD).

195: The main focus of Scotiabank, is on Corporate & Investment banking and Global Capital Markets.

201: Currently the bank has well over 80,000 employees world wide and it is listed on both the Toronto

206: Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: BNS).

209: The number 2 spot on the list of largest Canadian banks is held by the Royal Bank of Canada.

214: Today the bank does $47 billion dollars (USD) in revenue and has a net income of around

219: $9 billion dollars (USD).

220: With an all time high of $10.1 billion dollars in net income in 2019, this bank truly knows

226: how to make money.

227: Going back to it's humble beginnings, the bank started out in Halifax, Novia Scotia

231: in 1864, where it financed the lumber and timber industries.

235: Here it mainly support the merchants in the area and became known as the Merchant Bank.

240: The bank's Personal and Commercial banking operations stretch over 34 countries.

245: Next to this the RBC is a major player in the world of Wealth Management for retail

249: investors and International Investment Banking services.

253: The Royal Bank of Canada is listed on the Toronto Stock Exchange, the New York Stock

256: Exchange and yes even on the Swiss Stock Exchange.

259: I guess this allows for some nice deductibles for some Alpine skiing.

262: Now at the top of the list we find the biggest bank in Canada, with the very fitting name,

266: the Toronto Dominion Bank.

268: Which came into existence in 1955, when the Bank of Toronto and the Dominion Bank merged

273: to create the beautiful behemoth that is now TD.

277: For a more accurate origin story we have to travel a bit further back, one whole century

281: to be exact, to 1855 when the Bank of Toronto was Founded by a group of millers and merchants.

288: The most exiting milestone is reached in 1960 when Toronto Dominion Bank purchases its first

293: ever computer.

295: Nowadays the bank has many more computers and services over 25 million customers worldwide.

301: The bank does about $42 billion dollars (USD), in revenue of which it gets to keep around

305: $9.3 billion dollars.

307: With a total assets pool of $1.34 trillion dollars us, and over 90,000 employees worldwide,

314: the Toronto Dominion Banks, ranks at the number 5 position in the whole of North America.

319: This completes the list of the Top 5 biggest banks in Canada, please like and subscribe

323: to the channel for more Finance & Banking information.

325: Take Care!