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Big Five Banks

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Big Five Banks
A reference used in Canada to describe Royal Bank, The Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia and TD Canada Trust, which are the five largest banks in the country.

All five banks are headquartered in Toronto or in Montreal.
    
The Big Five Banks are all classified as Schedule I banks that are domestic banks operating in Canada under government Charter. Widely used and trusted, their services form an important part of the Canadian economy. The banks' shares are widely held, with any entity allowed to hold a maximum of twenty percent, and there are also restrictions on foreign ownership.
    
Occasionally the term "Big Six Banks" is used, with the sixth bank referring to the National Bank of Canada, though it is significantly smaller than the other major banks and is focused in the province of Quebec. As of March 2008, the Big Six Banks and Laurentian Bank of Canada are the largest banks in Canada.
Posted by  ebs Finanzakademie GmbH
 
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