Unlocking eSignature Legitimateness for Banking in Canada

How to eSign a document: eSignature legitimateness for Banking in Canada

Today we will be taking a look at the banking sector in Canada. The land of beautiful lakes & mountain ranges, the friendliest people and the Largest producers of Uranium. But let’s just skip past that one and go back to the happy people. Now, while the capital of Canada is Ottawa it’s financial heart is located in Toronto. This is where all of the big five banks, have their HQ located. Toronto is truly a global player, with its metropolitan area, housing a population of about 6.1 million people, making it Canada’s largest city. Last year the six largest banks paid almost $10 billion (USD) in taxes and the Financial sector as a whole contributes 6.7% to Canada’s GDP. At number 5 on the list of Largest banks in Canada, we find the Canadian Imperial Bank of Commerce. The bank was Founded in 1961 when the two biggest chartered banks in Canada, the Canadian bank of Commerce (est. 1867) & The Imperial Bank of Canada (est. 1875) merged, to form the Canadian Imperial Bank of Commerce (CIBC). Fast forward about 60 years and the bank now has well over $600 billion (USD) in total assets and a total workforce over 40,000 employees. The bank mainly focusses on retail and small business banking which resulted in a nice $14.6 billion in revenue of which the bank netted about $3 billion in total income. Moving on to number 4, we find the Bank of Montreal, which is also Canada’s first ever bank. The bank was established in 1817 and played a major role in shaping Canada as a nation and it’s financial system. One way in which the bank achieved this, was by issuing Canada’s first ever paper currency in the form of this CAD$20 banknote. People could then exchange this at the bank for silver or gold. At this time there really wasn’t a uniform banknote, different banks used their own paper currency and many Canadians were even using multiple currencies, including, American dollars, British pounds, colonial currencies and even the Spanish Peso. Because its just not a party until the Spanish have invaded right, they were everywhere. Currently the Bank of Montreal has its HQ in Toronto and the bank has a total asset pool of around $743 billion USD. Last year the bank made $17.8 billion in total revenue and netted about $4.5 billion dollars. In addition to this, bank serves around 8 million customers in Canada and about 2 million customers in the United States. Before we take a look at the final giants in the Canadian banking sector please like and subscribe to the channel for more Finance & Banking information. At number 3 we find the Bank of Nova Scotia or more commonly known as Scotiabank. Which was founded in 1832 in Halifax Nova scotia. But in 1900 the Bank packed up its belongings, booked a train and traveled the full 1115 miles to Toronto to set up it’s new Headquaters over there. In the post WWII economic boom Scotiabank was pioneering some very interesting new products and policies. This included, Canada’s first consumer lending products, called the Scotia Plan Loans. And next to this bank also started offering public trading of gold. So, Today the bank is well established in both North and South America and has a total asset pool of $890 billion dollars (USD), and does about $24.5 billion dollars (USD), in revenue of which it nets around 5.4 billion dollars (USD). The main focus of Scotiabank, is on Corporate & Investment banking and Global Capital Markets. Currently the bank has well over 80,000 employees world wide and it is listed on both the Toronto Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: BNS). The number 2 spot on the list of largest Canadian banks is held by the Royal Bank of Canada. Today the bank does $47 billion dollars (USD) in revenue and has a net income of around $9 billion dollars (USD). With an all time high of $10.1 billion dollars in net income in 2019, this bank truly knows how to make money. Going back to it’s humble beginnings, the bank started out in Halifax, Novia Scotia in 1864, where it financed the lumber and timber industries. Here it mainly support the merchants in the area and became known as the Merchant Bank. The bank’s Personal and Commercial banking operations stretch over 34 countries. Next to this the RBC is a major player in the world of Wealth Management for retail investors and International Investment Banking services. The Royal Bank of Canada is listed on the Toronto Stock Exchange, the New York Stock Exchange and yes even on the Swiss Stock Exchange. I guess this allows for some nice deductibles for some Alpine skiing. Now at the top of the list we find the biggest bank in Canada, with the very fitting name, the Toronto Dominion Bank. Which came into existence in 1955, when the Bank of Toronto and the Dominion Bank merged to create the beautiful behemoth that is now TD. For a more accurate origin story we have to travel a bit further back, one whole century to be exact, to 1855 when the Bank of Toronto was Founded by a group of millers and merchants. The most exiting milestone is reached in 1960 when Toronto Dominion Bank purchases its first ever computer. Nowadays the bank has many more computers and services over 25 million customers worldwide. The bank does about $42 billion dollars (USD), in revenue of which it gets to keep around $9.3 billion dollars. With a total assets pool of $1.34 trillion dollars us, and over 90,000 employees worldwide, the Toronto Dominion Banks, ranks at the number 5 position in the whole of North America. This completes the list of the Top 5 biggest banks in Canada, please like and subscribe to the channel for more Finance & Banking information. Take Care!