October 2026
Largest Commercial Banking Public Companies in Canada
Benchmark revenue and EBITDA valuation multiples for public comps like
RBC, TD Bank, Bank of Montreal, Scotiabank and Canadian Imperial Bank of Commerce.
 | Royal Bank of Canada is one of the two largest banks in Canada, with around CAD 2.5 trillion in assets at the end of July 2026. It is a diversified financial services company, offering personal and commercial banking, wealth management, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada and has dominant market shares. RBC also has wealth and capital markets businesses in the US, UK, and other countries. RBC is a top 15 investment bank globally. | $198 | +34% | $273B | $273B | 5.8x | - | ||
| The Toronto-Dominion Bank (TD Bank Group) is a Canadian multinational bank headquartered in Toronto, formed on February 1, 1955 by the merger of the Bank of Toronto, founded in 1855, and The Dominion Bank, founded in 1869. It serves more than 28 million customers through Canadian personal and commercial banking under the TD Canada Trust brand, US retail banking through TD Bank, N.A., wealth management and insurance, and wholesale banking. TD Canada Trust serves about 15 million customers through roughly 1,060 branches, while TD Bank, N.A. serves more than 10 million customers through about 1,100 branches in 15 US states and Washington, D.C. In fiscal 2025 the bank reported revenue of CAD 67.78 billion, net income of CAD 20.54 billion and total assets of CAD 2.095 trillion, with approximately 102,000 full-time equivalent employees. It earns net interest income on loans and deposits plus fees from wealth management, insurance, cards and capital markets activity. TD was the largest shareholder of TD Ameritrade from 2006 until Charles Schwab acquired it in 2020, and in 2025 it announced the sale of its roughly 10.1% stake in Schwab for about USD 14.6 billion after a USD 3 billion anti-money-laundering settlement with US regulators in October 2024. Raymond Chun is chief executive. | $120 | +44% | $196B | $196B | 4.5x | - | ||
| Bank of Montreal is a diversified financial-services provider based in North America with over CAD 1.47 trillion in assets by the end of fiscal 2025. BMO operates four business segments: Canadian personal and commercial banking, US personal and commercial banking, wealth management, and capital markets. The bank's operations are primarily in Canada, with a material portion also in the US. | $167 | +33% | $116B | $116B | 4.6x | - | ||
| The Bank of Nova Scotia is a global financial services provider with over CAD 1.46 trillion in assets as of the end of fiscal 2025. The bank has four major business segments: Canadian banking, international banking, global wealth management, and global banking and markets. It offers a range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The bank's international operations span numerous countries and are more concentrated in the Latin America region. | $91 | +38% | $111B | $111B | 4.2x | - | ||
| Canadian Imperial Bank of Commerce, or CIBC, is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. It was created on 1 June 1961 by the merger of the Canadian Bank of Commerce, established in 1867, and the Imperial Bank of Canada, established in 1873, the largest merger between chartered banks in Canadian history. It operates through four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. For 2025 it reported revenue of C$29.13 billion, net income of C$8.45 billion, total assets of C$1.117 trillion and C$431 billion of assets under management, with 49,824 employees and 15 million clients. It earns net interest income and fees. Harry Culham is chief executive. CIBC was part of the consortium that bought Aeroplan from Aimia in 2019. | $112 | +34% | $102B | $102B | 5.0x | - | ||
| National Bank of Canada is a Canadian commercial bank headquartered at 800 Saint-Jacques Street West in Montreal, Quebec. It is the sixth-largest commercial bank in Canada and the largest bank in Quebec, serving about 3.1 million clients through personal and commercial banking, wealth management and capital markets businesses, with products ranging from mortgages and credit cards to insurance, equities trading and investment management. The bank traces its roots to the Banque Nationale, chartered on May 4, 1859 by francophone businessmen, and took its current form in November 1979 through the merger of Banque Canadienne Nationale and the Provincial Bank of Canada. In fiscal 2025 it reported revenue of CA$13.98 billion, net income of CA$4.02 billion, total assets of CA$576.9 billion, assets under management of CA$194.5 billion and 33,200 employees. Outside Canada it owns ABA Bank in Cambodia, acquired in stages from 2016, and has operated Natbank branches in Florida. In February 2025 it completed the roughly $5 billion acquisition of Canadian Western Bank, extending its reach beyond Quebec. The bank is a TSX 60 constituent and is led by chief executive Laurent Ferreira. | $144 | +28% | $55B | $55B | 5.6x | - | ||
| EQB Inc operates through its wholly owned subsidiary, Equitable Bank, Canada's Challenger BankTM. It serves Canadians through two business lines, Personal Banking and Business Banking. The company differentiates by providing a host of challenger bank deposit services, alternative single-family lending, reverse mortgage lending, insurance lending, Specialized finance, Commercial finance group, Equipment financing, credit union services and trust services. | $86 | +31% | $3.6B | $3.6B | 3.8x | - | ||
| Laurentian Bank of Canada provides personal banking, business banking, and real estate and commercial financing services to its personal, business, and institutional customers across Canada and the United States. The company operates through two segments: the Personal and Commercial Banking segment, which offers a broad range of financial services and advice-based solutions for personal and commercial banking customers in Canada and the United States; and the Capital Markets segment, which provides services including research, market analysis, advisory services, corporate underwriting for debt and equity, and administrative support. The company operates in Canada and the United States, with the majority of its revenue generated from Canada. | $28 | +20% | $1.3B | $1.3B | 1.8x | - | ||
| VersaBank is a Schedule I Canadian bank that provides mainly commercial lending and banking services to select niche markets in Canada and the United States. Its products and services include credit assets, deposits, and cybersecurity services through its wholly owned subsidiary. The bank operates through four segments: Digital Banking Canada and Digital Banking USA, both using a business-to-business model with proprietary financial technology to serve underserved markets; DRTC, which provides cybersecurity services and banking and financial technology development; and Digital Meteor, which owns proprietary technology supporting next-generation digital assets, including Real Bank Deposit Tokens (RBDTs). The majority of revenue comes from Digital Banking. | $22 | +86% | $720M | $720M | 8.2x | - | ||
| Median | $112 | +34% | $102B | $102B | 4.6x | - |
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