Canada

Canada's banking system is dominated by six domestic systemically important banks — RBC, TD, Scotiabank, BMO, CIBC and National Bank — which accounted for about 95% of the C$10.0tn (US$7.1tn) of consolidated assets reported to OSFI by federally regulated banks in July 2026. RBC and TD are also global systemically important banks. The federal sector comprises 34 domestic banks, 15 foreign bank subsidiaries and 27 foreign bank branches, while Desjardins Group, a provincially regulated cooperative, is the largest institution outside the federal banking framework. Consolidated bank assets are around three times GDP, reflecting the banks' extensive foreign operations.