A Rock-Solid Leader in Global Finance

Throughout the global financial crisis, Canada has stood out as a rock-solid destination for investors. From the World Economic Forum to the International Monetary Fund, Canada earns top marks for having the soundest banking system and one of the most highly developed financial services sectors on the planet.

Canada’s mature and diverse financial sector is among the world’s most sophisticated.  Employing over 1.1 million, the sector generated about $247 billion in 2008. The sector is also globally oriented, with over $60 billion in acquisitions outside Canada since 2000. A highly-skilled workforce, advanced telecommunications infrastructure and conducive business environment create fertile ground for future growth and profitability investors can bank on it.

Did you know?

• In its Global Competitiveness Report 2009-2010, the World Economic Forum rated Canada’s banking system the soundest in the world for the second consecutive year.
• In its World Competitiveness Yearbook 2009, the International Institute for Management Development (IMD) ranked Canada’s Central Bank Policy the best in the G8 and 3rd in the world. 
• According to Global Finance Magazine 2009, four Canadian banks are among the 10 largest in North America.  
• Goldman, Sachs & Co., HSBC Group, ING Group, BNP Paribas and Morgan Stanley have set up shop in Canada because its financial services industry ranks among the most sophisticated on the planet.
• Whether measured by market value, balance-sheet strength or profitability, Canada’s financial institutions are rising to the top. Since the credit crunch began in 2007, Canada’s five biggest banks have booked a total of $18.9 billion in profits.
• Toronto, Canada’s finance and business capital, is North America’s third-largest financial centre. In 2008, Forbes ranked Toronto as the world’s 10th most economically powerful city.  According to the Global Financial Centre Index 2009, Montréal and Vancouver are among the top financial centres in North America. 
• According to IBM-Plant Location International 2009, Canadian cities represented seven of the 10 North American locations with the lowest business operating costs for transaction processing and custodial services projects, with operating costs 10% to 28% below the North American industry average.
• Canada’s six largest banks are active in the US, Latin America, the Caribbean and Asia.
• The Canadian life and health insurance sector has branches and subsidiaries in more than 20 countries and generates $77.7 billion in premiums abroad.
• Canada’s geographic location and sound business practices make it a favourite nearshoring/outsourcing destination and one of the world’s top business process outsourcing markets. Major international financial services firms like BNP Paribas and CITCO maintain business processing near-shore operations in Canada.

Home Grown Leaders

• Bank of Montreal
• Bank of Nova Scotia
• Canadian Imperial Bank of Commerce
• Desjardins
• Great-West Life Co.
• IGM Financial
• Manulife Financial
• National Bank of Canada
• Royal Bank of Canada
• Sunlife Financial
• Toronto-Dominion Bank

Major Investors in Canada

• CITCO Group
• Credit Swiss
• Dexia
• First Boston
• Fidelity
• Goldman Sachs
• HSBC
• ING
• Liberty Mutual Group
• UBS AG
• Maples Finance
• Merrill Lynch
• Morgan Stanley
• State Farm Insurance

Look Who Chooses Canada

• In 2009, U.S.-based surety broker, Rosenberg & Parker launched a Toronto office, looking to expand its footprint outside of its Philadelphia home for the first time in 62 years.
• In 2009, Bermuda-based Orbis Investment Management Services established an office in Vancouver which will be one of the financial management firm’s three major centres of operation.
• In 2008, Merrill Lynch opened a new research and innovation centre in Toronto.
• Morgan Stanley announced a $200 million investment in new operations in Montréal.