Big Five (banks)
Big Five is the name colloquially given to the five largest banks that dominate the banking industry of Canada. All five banks are operationally headquartered in Toronto, Ontario. They are all classified as Schedule I banks that are domestic banks operating in Canada under government charter. The banks' shares are widely held, with any entity allowed to hold a maximum of twenty percent.
According to Bloomberg, in 2011 the big five dominate the world's ten strongest $100-billion-asset banks, with Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, National Bank of Canada and Royal Bank of Canada at 3rd, 4th, 5th and 6th place, respectively, while Bank of Nova Scotia sits at 18th place.
Read more about Big Five (banks): Overview, Other Banks With Substantial Operations in Canada, Proposed Mergers
Famous quotes containing the word big:
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—Maxwell Anderson (1888–1959)