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The two largest, the Royal Bank of Canada and the Toronto Dominion Bank are among the world's 25 largest banks. [2] It has been considered to be one of the safest and soundest banking systems in the world, and avoided major problems in the Financial crisis of 2007–2008. [3] Canada's banks have high service levels and investments in technology.
Founded as the Union Bank of Lower Canada, the name changed to the Union Bank of Canada in 1886. [168] Merged into the Royal Bank of Canada. [169] Union Bank of Halifax: 1856 1910 Merged into the Royal Bank of Canada. [170] Union Bank of Montreal 1830s 1840s Founded as the Union Bank, the name changed to the Union Bank of Montreal about 1841 ...
According to a ranking produced by Standard & Poor's, in 2017, the Big Five banks of Canada are among the world's 100 largest banks, with TD Bank, RBC, Scotiabank, BMO, and CIBC at 26th, 28th, 45th, 52nd, and 63rd place, respectively. [4] RBC and TD Bank are also on the Financial Stability Board's list of systemically important banks as of 2020 ...
A time deposit or term deposit (also known as a certificate of deposit in the United States, and as a guaranteed investment certificate in Canada) is a deposit in a financial institution with a specific maturity date or a period to maturity, commonly referred to as its "term". Time deposits differ from at call deposits, such as savings or ...
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Until 1991, Canadian banks were barred from performing trust duties. Amendments to the Bank Act in 1991 allowed bank holding companies for the first time to acquire trust companies. Since 1991, most of Canada's major trust companies have been acquired by banks.
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The Bank of Canada (BoC; French: Banque du Canada) is a Crown corporation and Canada's central bank. [4] Chartered in 1934 under the Bank of Canada Act , it is responsible for formulating Canada's monetary policy, [ 5 ] and for the promotion of a safe and sound financial system within Canada. [ 6 ]