SOME BANKS CEDE MARKET SHARE IN SMALL BUSINESS

The Canadian Federation of Independent Business says some of the country’s biggest banks are ceding market share in the small and medium-sized business market. Royal Bank of Canada remains dominant — but the share is slipping. “It’s interesting to see the evolution of … market share over the years as these changes don’t happen by accident,” said Dan Kelly, president of the CFIB. “Clearly, some banks have focused on small firms, while others may have pursued other types of clients.” RBC’s share of the market slipped by 2.7 percentage points to 18.5 per cent between 2000 and 2015, according to the CFIB. Bank of Nova Scotia was the biggest gainer during that time, jumping 6.7 percentage points to a market share of 17.9 per cent. TD Canada Trust also took more market share, gaining 4.4 points, while credit unions increased their market share by 2.8 points. Canadian Imperial Bank of Commerce and Bank of Montreal both lost market share in the small and medium- sized business market during the period studied.