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|The Bank of Canada is Canada’s central bank. It was created by the Bank of Canada Act of 1934, to “promote the economic and financial well-being of Canada.”The bank’s current statement of its goals is:The Bank of Canada’s responsibilities focus on the goals of low and stable inflation, a safe and secure currency, financial stability, and the efficient management of government funds and public debt.
It is the sole issuer of bank notes in Canada. The bank’s headquarters are located in downtown Ottawa.
In Canada, the term Big Five Banks is frequently used to refer to the five biggest banks that dominate the banking industry in Canada. These schedule I banks are domestic banks that operate in Canada under government charter. Widely used and trusted, their services form an important part of the Canadian economy. The banks’ shares are broadly owned with no single shareholder controlling any.
The Big Five banks, listed in order of market capitalization (largest to smallest) with their current corporate brand names, are: