Canadian Bankers Association

Canadian Bankers Association

September 03, 2014 10:25 ET

Canadian Banks Hold Steady in Top Place According to World Economic Forum Ranking: 7th Year in a Row

TORONTO, ONTARIO--(Marketwired - Sept. 3, 2014) - For the seventh time in the past seven years the World Economic Forum has ranked Canada's banks the soundest in the world.(1) In the report released today Canadian banks maintained the top position, ranking first for an unprecedented length of time. The strong position of the country's banks is good news for all Canadians and the Canadian economy.

"It's not surprising that banks in Canada consistently rank highly. They are well managed, well capitalized and well regulated, all of which contribute to Canada's economic well-being. Having the soundest banks in the world helps bolster our economy and supports the growth of small business in Canada," said Terry Campbell, president of the Canadian Bankers Association. "Canadians trust that sound banks provide steady financing to help people buy homes, save for retirement, fund post-secondary education and ensure that deposits are safe."

The strong international ranking of Canada's banks is consistent with positive impressions by Canadians of their banks.(2) Canadians understand that sound, strong banks benefit them and support economic growth:

  • 81 per cent of Canadians have a favourable impression of banks in Canada, with 90 per cent having a favourable impression of their own bank.

  • 95 per cent of Canadians say that, when they see what has happened to banks around the world, it makes them proud of Canadian banks.

  • 71 per cent believe that strong banks mean more jobs, better pension plan returns and a healthier economy.

Banks contribute to enhancing the Canadian economy in many ways:

  • Banks employ 280,000 Canadians and full-time employment has increased 25.9 per cent over the past ten years.

  • Banks paid $13.5 billion in dividends to shareholders last year, helping many save for retirement.

  • Banks paid nearly $8 billion in taxes to all levels of government in Canada in 2013, helping fund the programs that are important to Canadians.

  • Banks and their subsidiaries paid $23 billion in salaries and benefits in Canada in 2013.

About the Canadian Bankers Association

The Canadian Bankers Association works on behalf of 60 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 280,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness.

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(1) World Economic Forum, Global Competitiveness Report 2008, 2009, 2010, 2011, 2012, 2013 and 2014

(2) Abacus Data research conducted for the CBA, December 2013

Contact Information

  • Maura Drew-Lytle
    Director, Media Relations and Communications
    Canadian Bankers Association
    (416) 362-6093, ext. 338
    Cell: (416) 918-2777