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Banking remained relatively decentralized until 1935, when the Bank of Canada was founded in response to the economic instability experienced during the Great Depression in Canada. First opened on December 5, 1980, Canada's Currency Museum is located on the ground floor of the Bank of Canada in Ottawa, Ontario .
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 First National Bank of Memphis, or First National Bank, and also later went by First Tennessee Bank. [12] 1864 Royal Bank of Canada: Province of Canada Canada: 1864 Société Générale: Second French Empire France: 1864 CEC Bank: Romanian United Principalities Romania: 1864 The First National Bank & Trust Company of Newtown United ...
One of Canada's first banks, the Canada Banking Company was founded in Montreal in 1792. This was followed by others including the Bank of Montreal, in 1817, the Bank of New Brunswick in 1820 and the Bank of Upper Canada in 1821. By 1886, 38 banks had been chartered.
The Canadian Imperial Bank of Commerce was formed through the 1961 merger of the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1873), in the largest merger between chartered banks in Canadian history. [3] [7] It is one of two "Big Five" banks founded in Toronto, the other being the Toronto-Dominion Bank.
Ultimately the Bank of Canada was established and the banks relinquished their right to issue their own currency. The coming of the Second World War involved the banks, once again, in the marketing of war bonds and in participation in the control of foreign exchange, rationing, and other financial war measures. Approximately 500 staff, or ...
Founded in 1831 as the Commercial Bank of the Midland District, the name changed to the Commercial Bank of Canada in 1856. [99] Merged with the Merchants Bank in Montreal to form the Merchants' Bank of Canada. [100] Commercial Bank of Manitoba: 1885 1893 Failed. [101] Commercial Bank of Montreal 1835 1837 Failed. [102] Commercial Bank of New ...
The Standard Bank of Canada was a Canadian bank established in 1872 as the St. Lawrence Bank [1] by a group of Toronto businessmen led by John Charles Fitch. The 1909 Standard Bank Building at King and Jordan in Toronto, designed by Darling and Pearson .