1. Royal Bank of Canada. The Royal Bank of Canada is the largest bank in Canada and 24th largest in the world by asset, holding close to US$1 trillion in assets. Headquartered in Toronto, Ontario and Montreal, Quebec, the bank serves over 16 million clients and employs 80,000 staff globally.

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2. Toronto-Dominion Bank. At a close second, the Toronto-Dominion Bank (commonly known as TD) holds US$1.026 trillion in assets and is the 25th largest bank by assets globally. Toronto-Dominion Bank and its subsidiaries have over 85,000 employees and over 22 million clients worldwide.

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3. Scotiabank. The Bank of Nova Scotia, operating as the Scotiabank, is the third largest bank in Canada by deposits and market capitalization. It is also the 42nd largest bank by asset (US$773 billion) globally.

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4. Bank of Montreal. The Bank of Montreal, operating as BMO Financial Group,  is the fourth largest bank in Canada (US$592 billion in assets).

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5. Canadian Imperial Bank of Commerce. The Canadian Imperial Bank of Commerce (or CIBC) is the fifth largest bank in Canada and 59th globally (US$477.6 billion in assets). It was formed through the June 1, 1961, merger of the Canadian Bank of Commerce (founded 1867) and the Imperial Bank of Canada (founded 1873), the largest merger between chartered banks in Canadian history.

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In 2018, Royal Bank of Canada is the 24th largest bank by total assets in the world.

Find out more about the world's largest banks by total assets:

1. The largest banks in the world

2. JP Morgan Chase & the largest banks in USA

3. Royal Bank of Canada & the largest banks in Canada

4. HSBC Holdings & the largest banks in Europe

5. ICBC & the largest banks in Asia.