Toronto is home to the world’s soundest banks.
The World Economic Forum, in its annual global competitiveness reports, has singled out Canadian banks as one of the soundest in the world for the past nine year in a row. In The Banker’s 2016 report on international financial centres Toronto ranked eighth overall and among the world’s top 10 for total bank assets.
The Canadian banking industry, headquartered in Toronto, is an essential contributor to the economic growth and well-being of the city. Canada’s five largest domestic banks have their head offices in Toronto. Of the 50 foreign-based banks operating in Canada, 41 have their Canadian head offices in the Toronto region. The industry is also a major employer, representing almost half of total employment within the city’s financial sector.
Canada’s leading banks have significantly expanded their global footprints during the past decade. Today, Canada’s five largest banks are among the world’s largest 55 banks by market capitalization (2015) and three of them – Royal Bank of Canada, Toronto-Dominion Bank and Scotiabank – are in the top 30.
A streamlined, modern regulatory system.
The International Monetary Fund, among others, has recognized Canada as having a sound regulatory system for banks.
The Canadian system has two primary regulators: the Office of the Superintendent of Financial Institutions (OSFI) for prudential regulation and the Financial Consumer Agency of Canada (FCAC) for financial consumer matters.
Canada’s Bank Act is reviewed and updated every five years to ensure the regulatory structure is keeping pace with changes in the industry.
Coupled with a strong working relationship among regulators, the industry and government, the stability and effectiveness of our regulatory framework makes Toronto an attractive banking environment.
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May 1, 2017
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TFSA Welcomes New Member: DBRS
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