This report tracks the small- and mid-sized enterprise (SME) market share for each of the five major banks and credit unions in Canada.
While there are differing definitions of market share, CFIB offers a unique perspective on the relative dominance of the financial institutions in the SME segment, namely by the number of businesses.
Based on 2015 data, RBC is the clear leader in the SME market with a market share of 18.5%. Scotiabank is in second place with a market share of 17.9% followed by TD (16.5%), BMO (10.7%) and CIBC (9.8%).
Importantly, credit unions have slowly gained market share over the years, growing from 5.5% in 1989 to 11.5%.