Big Six banks
The Big Six banks are the six largest banks in Canada that dominate the domestic banking industry. The Canadian banking industry changed in the 1980s and the Big Six banks are today classified under the Schedule I category.
Schedule I banks are domestic banks that operate in Canada under government charter. The banks are widely held with no single shareholder controlling the bank. The Big Six banks are:
The term Big Five banks is used more frequently than Big Six; this custom excludes the National Bank, the smallest of the six, from the list.
All of the six chartered banks participate in the Large Value Transfer System (LVTS) together with 8 other banks (including the Bank of Canada).
