When a person is looking for banks that have an extensive history and growth record in Canada, they need look no further than the big five Canadian Banks. These banks have maintain excellent records for customer service both in the local community and globally. As the needs of clients and customers have changed, each bank has been an integral part of incorporating the change in the banking industry.
The Royal Bank of Canada, RBC, is the largest bank and largest company in Canada. It ranks in the first 100 on the Forbes Global 2000 list and operates in over thirty countries. In addition to providing every day banking services to individuals, RBC also provides services to small and large businesses. An individual who is considering a start-up business will find that the RBC business center provides both service and important information to business owners on ways to expand their revenue and secure their presence in the market.
Among the other services provided, RBC provides several insurance products to their customers that include travel, home owners and loan insurance. The insurance products provided are based upon the individual needs of the individual and may also be included in the wealth management program that the bank offers to people who want to secure their financial future.
A quick look at the 2nd largest bank in Canada brings you to the Toronto-Dominion, (TD) Bank Financial Group. This bank is based in Toronto and serves over 14 million individual and commercial customers throughout the world. The bank is unique in that it has an infrastructure that makes it very easy to find the professionals and advice that you need very quickly. The four divisions also have been structured to address the unique needs of the individual countries that are served. A person will find that this is one of the few banks traded on both the Toronto and New York Stock Exchange and has a history of stable returns.
The bank ranks as one of the world’s leading online financial service provides with over six million customers taking advantage of the ease of doing all of the banking online. They offer a broad range of services that include several flexible financing options for individuals who wish to get a personal, home, or commercial loan. The bank is also known as being one of the largest direct-response home and auto insurers in the country.
Bank of Nova Scotia (Scotia Bank), ranks 3rd among the big five banks. The bank has a dynamic presence in Latin America, Asia and the Caribbean and has 3 divisions within the infrastructure to address the unique needs of their customers throughout the world.
With over 7 million retail and corporate customers in 40 countries, Scotia Bank has a large Investment and Capital Market Branch that serves corporate, government, and institutional clients. In addition, the bank provides private wealth management assistance to private and financial individuals who must maintain growth on the global market.
The fourth big five bank is the CIBC, or Canadian Imperial Bank of Commerce. This bank, headquartered in Toronto provides services to Canada, Asia, the US and the Caribbean. Most notably, CIBC was the first bank to introduce ATMs in Canada and have maintained a highly competitive loan structure relative to interest rates. Their diligence in maintaining a foothold in the technological advancement of banking has included the introduction of a mobile banking system that allows individual to conduct their banking from any medium that uses the Internet including portable PDAs and phones.
The final noteworthy big five bank is the Bank of Montreal, BMO. Since 1817, BMO has been serving clients and adapting their infrastructure and technology to meet the needs of their growing clientele. This dynamic organization provides a wide range of services to customers that include wealth management services through the BMO-Nesbitt Burns division. This division also offers several insurance products that are specifically designed to protect individual and corporate assets.
The other three divisions of BMO are the BMO Financial Group that provides personal and commercial banking to individuals and businesses. They also offer several loan repayment structures and advisors to provide important details and information about meeting objectives for revenue return. The Capital Markets division works closely with clients to establish investment strategies and goals that will provide the desired results with minimum risk to investors.
Finding a decent bank is not easy, and these banking articles will help you make a better decision.
