A Brief Note On The Canadian Banking System

2179 Words9 Pages
Canadian banking system has shown itself as been one of the most robust systems in the world (Ratnovski & Huang, 2009). Banking in Canada is widely considered the most efficient and safest banking system in the world, ranking as the world 's soundest banking system during the global economic crisis that started in 2007, according to the survey conducted by the World Economic Forum.
Banks play a key role in Canada’s financial system and economic development. The banking industry includes 28 domestic banks, 24 foreign bank subsidiaries, 24 full-service foreign bank branches and four foreign bank lending branches operating in Canada. (Source: Office of the Superintendent of Financial Institutions as of January, 2014).
As major players in Canada 's financial industry, the banks serve millions of customers. They include individuals, small and medium-sized businesses, large corporations, governments, institutional investors and non-profit organizations.
Banks are among Canada’s leading employers. In 2000 the industry employed over 235,000 Canadians and had a Canadian payroll of approximately $16.1 billion. In addition, in 2001 the six major domestic banks paid $4.8 billion in taxes to all levels of government.
The major domestic banks offer a full range of banking, investment and financial services and products. They have extensive, nation-wide distribution networks and also are active in the United States, Latin America, the Caribbean,
Get Access