Private banking holds significant importance for individuals seeking tailored financial services. In Canada, the landscape of private banking is diverse, offering a range of options catering to varying needs and preferences.
In this article, we will examine the best private banks in Canada based on their assets under management, standing in the industry, and portfolio of features and services.
The best private banks in Canada for 2024:
- BMO Private Banking – The best private bank in Canada overall
- RBC Private Banking – One of Canada’s largest private banks
- TD Private Banking – A more widely available option for Canadian users
- CIBC Private Banking – A leading wealth management solution
- City Private Bank – An offering for ultra-high-net-worth clients
5 best private banks in Canada: Examining top institutions for high net worth clients in 2024
The list below includes the largest banks with private banking services in Canada as of the start of 2024. It is worth noting that there is not a lot of publicly available information when it comes to private banks, as most of them keep their business records and information about their clients private.
1. BMO Private Banking – The best private bank in Canada overall
BMO Private Banking is a division of the Bank of Montrealthat provides personalized and comprehensive wealth management services to high-net-worth individuals and families. With over 100 years of experience, BMO Private Banking has a deep understanding of the unique needs and challenges faced by clientele that consists mostly of individuals and their families with net worth in excess of $2 million Canadian.
In 2023, World Finance Magazine awarded BMO the title of the Best Private Bank in Canada for the 13th time in a row. “We are delighted to be recognized for the 13th consecutive year for our excellence in Private Banking in Canada,” stated Deland Kamang, Group Head at BMO Wealth Management. BMO plans to expand its footprint in the US on the heels of a recent $16.3 billion acquisition of Bank of the West.
| Founded | 1817 |
|---|---|
| AUM | CA$333 billion |
| Market Cap | $70.7 billion |
| Number of Employees | 55,700 |
| BMO Stock Price (1-Year Change) | $97.71 (+2.66%) |
2. RBC Private Banking – One of Canada’s largest private banks
RBC's Private Banking is tailored for high-net-worth individuals, offering personalized financial solutions. Dedicated relationship managers craft customized plans, providing a range of services, including wealth management, investment strategies, and estate planning. They prioritize personalized service, comprehensive wealth management, and innovative technology, ensuring a seamless banking experience.
Royal Bank of Canada’s private banking clients – which include business owners, entrepreneurs, wealthy families, corporate executives, or other professionals with a minimum of $1 million in investable assets or an overall net worth of $3 million – also gain access to investment banking opportunities, exclusive events, and educational seminars, making RBC a top choice for affluent individuals seeking specialized financial services in Canada.
| Founded | 1864 |
|---|---|
| AUM | CA$1.07 trillion |
| Market Cap | $141 billion |
| Number of Employees | 94,000 |
| RY Stock Price (1-Year Change) | $100.34 (+3.41%) |
3. TD Private Banking – A more widely available option for Canadian users
TD's Private Banking is designed for high-net-worth clients seeking personalized financial solutions. With premium banking solutions, general and private credit strategies, and cross-border banking, it offers tailored services in wealth management, investment strategies, and estate planning.
Toronto-Dominion Bank prioritizes personalized attention, comprehensive wealth management, and innovative technology for a seamless banking experience that consists of traditional as well as alternative investments. Compared to some of the other private banking options on our list, TD’s requirements over the liquid net worth of its clients are a bit lower, starting at CA$1 million in investable assets.
| Founded | 1955 |
|---|---|
| AUM | $450.5 billion |
| Market Cap | $115.7 billion |
| Number of Employees | 103,760 |
| TD Stock Price (1-Year Change) | $64.60 (+0.51%) |
4. CIBC Private Banking – A leading wealth management solution
CIBC’s Private Banking is a core branch of the Canadian Imperial Bank of Commerce, which is one of the “Big Five” banks founded in Toronto. The bank considerably expanded its wealth management business in 2013 with the acquisition of Atlantic Trust, Ivesco's wealth management unit, for US$210 million.
There are four main categories of services that CIBC offers to its high-net-worth customers, including cash management, investments, credit and lending, and wealth planning. It is worth noting that most of the services offered come with personalized advice from dedicated counselors. Also, important banking features, such as access to tax documents, are available online.
| Founded | 1961 |
|---|---|
| AUM | CA$300.2 billion |
| Market Cap | $44.55 billion |
| Number of Employees | 48,000 |
| CM Stock Price (1-Year Change) | $47.84 (+13.65%) |
5. City Private Bank – An offering for ultra-high-net-worth clients
Citi Private Bank is the only private bank on our list that is not based in Canada. Renowned for its prowess in corporate finance and private equity, it particularly appeals to business owners and entrepreneurs seeking top-tier financial services. Catering to ultra-high-net-worth individuals, family offices, and law firms is a key focus of Citi Private Bank's offerings.
However, it's essential to acknowledge that while the bank's private banking arm is well respected, Citigroup itself hasn't enjoyed an unblemished reputation. During the 2008 financial crisis, the bank faced insolvency and relied on a substantial $25 billion taxpayer bailout. Additionally, criticisms have been directed at the bank for alleged dealings with criminal organizations and mishandling customer accounts. While not categorized among the worst banks in America, Citigroup hasn't stood as a beacon of pristine business ethics in its history either.
| Founded | 1812 |
|---|---|
| AUM | $759 billion |
| Market Cap | $102.56 billion |
| Number of Employees | 240,000 |
| C Stock Price (1-Year Change) | $53.57 (+13.16%) |
The bottom line
When it comes to selecting a private bank, Canadian users have a lot of options. There are several banks with decades of experience in the sector that offer a comprehensive range of investment and wealth management products and services.
If you want to broaden your horizons beyond Canadian-based options, you can check our list of the best private banks globally. Conversely, if your net worth prohibits you from having a private bank account, you might want to consider opening an account with banks that offer sign-up bonuses.
