In 2023, TD Bank ranked first among Canada’s brands, with an estimated brand value of 27.54 billion Canadian dollars. The Royal Bank of Canada secured the second spot that year, valued at 19.9 billion Canadian dollars.
Canadian banks dominate brand rankings
In 2023, banking brands accounted for nearly one-third of the aggregate value of the 100 most valuable Canadian brands and were by far the largest sector by weight in the ranking. Moreover, when measured by market capitalization, Canadian banks also ranked among the largest banks worldwide, trailing only after competitors from the United States and China as of December 2022.
Competition between the two largest Canadian banks
Established in 1955, Toronto-Dominion Bank (TD) - the banking and financial services corporation headquartered in Toronto - was the largest bank in Canada, with assets of over 1.9 trillion Canadian dollars by a hair over its long-time competitor, Royal Bank of Canada (RBC), in 2022. On the other hand, RBC stood out in terms of customer satisfaction and had the highest satisfaction score among retail banking customers of Canada's largest and midsize banks in 2023, with a score of 610 out of 1,000.
