Welcome to Canada’s financial services capital

Ontario is Canada’s national financial centre, with some 12,000 financial services firms offering a broad spectrum of services, from retail banking and lending to wealth management and payment processing. Banks represent the largest portion of Ontario’s financial services segment, accounting for almost half of the sector’s total GDP.

This is where the action is

With one of the highest concentrations of banks, capital markets and insurance firms in the world, Ontario is Canada’s financial services capital.

Ontario’s financial services sector grows faster than the average benchmark of the Canadian economy and accounts for more than half of the country’s financial services output.

Ontario’s Toronto region is home to:

  • one of the soundest banking systems in the world, according to the World Economic Forum
  • North America’s second-largest financial services hub after New York City
  • The headquarters of Canada’s four largest banks
  • The Canadian headquarters of more than half of the world’s top 10 banks by market capitalization

Take a look at Ontario’s financial services industry

Thinking of coming to Ontario? You’ll be right in the financial heart of the country with a diverse cluster of companies offering a comprehensive range of services. For banks and those that serve the financial services industry, Ontario is simply the best place in the world to do business.

Opportunities you can bank on

Why are the world’s banks coming to Ontario? To tap into significant market opportunities in the province’s diverse communities and vibrant business sector.

A large and diverse customer base

Banks that set up shop in Ontario are right in the midst of a large, culturally diverse base of consumers, small and mid-sized businesses, large corporations, governments, institutional investors, and non-profit organizations.

A rich market for personal financial products and services

  • More than 15 million people live in Ontario, accounting for almost 40% of Canada’s total population.
  • Ontarians enjoy average weekly earnings that are higher than the national average.
  • Five of Canada’s 10 wealthiest neighbourhoods are in Ontario including the top three.
  • Ontarians believe in actively growing their wealth, with more than one in three income tax filers reporting earned income from investments.

Bring your bank to Ontario—you’ll be in good company

Banks from all over the globe are choosing to do business in Ontario.

Of the 56 foreign-controlled banks operating in Canada, 45 are headquartered in the Toronto region.

  • American banks operating in Ontario include Amex Bank of Canada, Citibank Canada and Walmart Canada Bank.
  • European banks such as Credit Suisse, Barclays Bank and Deutsche Bank chose to pursue market opportunities in Ontario.
  • Asian banks such as Bank of China (Canada), The Bank of Tokyo - Mitsubishi UFJ, LTD (Canada), Industrial and Commercial Bank of China (Canada), ICICI Bank, and Shinhan Bank Canada are thriving in Ontario.

A stable banking system you can count on

Banks feel secure doing business in Ontario, which consistently wins high praise for the strength and stability of its banking system.

Banks in Ontario enjoy the certainty and security of operating within a system that’s considered by the World Economic Forum to be one of the soundest on the planet.

A global model for a safe and stable banking system

Located in Toronto, Ontario, Canada’s banking system is a global model for safety and stability.

  • In addition to the main federal government branch that regulates the country’s banks, Canada has a number of other federal, provincial and industry regulating bodies that help ensure a sound financial system.
  • Canadian banks are among the best capitalized in the world, exceeding standards set by the Bank for International Settlements’ norms by significant margins.
  • According to the IMF, Canada is among the first advanced economies to implement the Third Basel Accord.

The talent you need to succeed

It’s easy to find the right people in Ontario. The financial services sector alone boasts a highly educated, skilled and multilingual workforce of 365,000.

Your workforce awaits you

With a vast pool of talent and a strong post-secondary network training the next generation of financial services professionals, Ontario has the right people for your business.

Ontario’s talent pool includes:

  • 365,000 workers in the financial services sector
  • More than 9,000 chartered financial analysts (CFAs)
  • Around 88,000 chartered professional accountants (CPAs)

Education is big in Ontario

  • Two of the top 10 international business schools are in Ontario, producing more than 44,000 business graduates a year.
  • Our network of 48 universities and colleges includes MBA programs at renowned institutions such as Rotman, Shulich, Ivey and Queens.
  • Overall, Ontario’s has significantly higher post-secondary education rates than the United States, Germany and Mexico.

Because diversity is good for business

Banks in Ontario benefit from the province’s cultural and linguistic diversity.

  • Two million people are fluent in a language other than English or French.
  • International students in a two-year MBA can work in Ontario for three years after graduation, and one additional year if they’re enrolled in a one-year program.
  • More than 200 different ethnic origins and languages.