- A financial institution that provides a wide range of services to its customers. Such services can include chequing and savings accounts, business loans, and credit cards.
service provider, corporate bank
Related Terms and Acronyms
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Commercial Banking — Definition,
- Commercial banking centres serve small to medium-sized businesses such as franchising, leasing and cash management services.
- Commercial Banking Centre (CBC) — Acronym,
- Correspondent Bank — Definition,
- A bank that holds deposits of another bank, usually a smaller bank, and in turn provides certain banking services that may not be readily available to the smaller bank.
- Independent Bank — Definition,
- A locally owned bank that is operated without being affiliated with a bank holding company. Also known as a community bank.
- Joint-Venture Commercial Bank (JVCB) — Acronym,
- Niche Banks — Definition,
- Smaller banks that cater to particular communities or certain industries. These banks have been thriving in the fallout from mega-bank mergers.
- Retail Banking — Definition,
- Banking services offered to individual customers such as savings accounts, personal loans, cheque cashing, and RRSPs.
- Schedule I Banks — Definition,
- A designation in the Bank Act that refers to Canadian-owned banks that are widely held, i.e., ones in which no one owner holds more than 10% of shares.
- Schedule II Banks — Definition,
- A designation in the Bank Act that refers to foreign-owned banks and closely held Canadian banks, i.e., banks in which an owner may hold more than 10% of outstanding stock.
- Schedule III Banks — Definition,
- Foreign banks not incorporated under the bank act that are allowed to conduct business in Canada.