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The Bank of Canada is the sole issuing authority of Canadian banknotes, [7] [8] provides banking services and money management for the government, and loans money to Canadian financial institutions. [ 9 ] [ 10 ] The contract to produce the banknotes has been held by the Canadian Bank Note Company since 1935.
National Bank of Canada, which began as a regional bank in Quebec but expanded nationally, is the sixth largest Canadian bank. [9] In 2022, Canada’s Big Six held about 93% of all banking assets in the country. It is the same share they held a decade earlier, and a decade before that. [10]
Big Five is the name colloquially given to the five largest banks that dominate the banking industry of Canada: Bank of Montreal (BMO), Scotiabank, Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Toronto-Dominion Bank (TD).
Bank of Canada Governor Tiff Macklem on Monday said the world was now more prone to economic shocks and the central bank therefore needed to ensure it was better prepared for an uncertain future.
The Bank of Montreal has been paying dividends to share holders every year since 1829 (195 years ago), [13] Scotiabank since 1833 (191 years ago), [13] Toronto-Dominion Bank since 1857 (167 years ago), [14] Canadian Imperial Bank of Commerce since 1868 (156 years ago) [15] and Royal Bank of Canada since 1870 (154 years ago) [16] respectively.
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.
The Canadian Bank of Commerce was a Canadian bank that operated from 1867 to 1961. It merged in 1961 with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce , which today is one of Canada's Big Five banks.
The bank sold EDULINX Canada Corporation to Nelnet Canada Inc., the Canadian unit of Nelnet, Inc., in late 2004. Li Ka Shing was the largest foreign shareholder in the bank for over two decades, but in early 2005 he sold his portion (est. CA$1.2 billion) to establish a Canadian charity, the Li Ka Shing Foundation.