About the industry

The financial services industry is one of the largest and most responsive sectors in Alberta. During much of the last decade initial energy investments drove the expansion of the sector and the provincial economy. Current ongoing construction projects in and out of the energy supply chain as well as growth in agriculture and forestry products continue to support wealth creation and provincial development.

As a result, Calgary has developed a world-class investment banking and asset management industry focused primarily on the oil and gas sector, while Edmonton has developed a globally competitive wealth management and pension management industry. Over 4,000 financial services firms are active in Alberta today, including all six large Canadian banks, four major Alberta-headquartered financial institutions, and most of the top 20 global investment banks.

Calgary is Western Canada’s business centre and a rising global financial centre. The city has the highest concentration of corporate head offices per capita in the country, which is supported by a diversity of multinational and retail banks, investment firms, stock brokers, trust companies, credit unions and mortgage companies, as well as insurance companies, agents, brokers and adjusters.

Edmonton is one of Canada’s leading centres for asset management. Four of Western Canada’s largest financial institutions are headquartered in Edmonton, including one of the country’s largest pension fund managers and Western Canada’s two largest banks.

Sub-Sectors

  • Banking & Credit: Chequing and Savings, Lending, Financial Planning, Investment, and Insurance
  • Investment Banking: Advisory Services, Corporate Finance, Brokerage Services, Risk Management, and Compliance
  • Fund Management: Investment Research, Investment Advisory, Portfolio Management, Strategic Planning, and Supporting Operations
  • Insurance: Commercial Insurance, Personal Insurance, Pricing & Commodity, and Reinsurance.

Industry fast facts: 2014

  • Contribution to GDP: $10.6 billion
  • Number of firms: 4,434
  • Number of employees: 59,900
  • Between 2004 and 2014, Alberta’s financial services sector GDP rose 57.5%, outpacing financial services sector GDP growth in all other provinces. By comparison, GDP in Canada’s financial services sector rose 30.2% over the same period. 
  • In 2014, per capita investment in Alberta was $22,340, triple the national average of $7,453
  • The Finance and Insurance sector contributed $10.6 billion to Alberta’s economy in 2014, accounting for 3.4% of total Alberta GDP.
  • The “Banking and Depository Credit Intermediation” sub sector accounted for the majority of the sector’s GDP.
  • Alberta’s financial services industry has largely been built around servicing the transaction and financing needs of the energy sector. There are close to four times as many energy sector mergers and acquisitions (M&A) deals completed in Alberta than in any other province. 

Financial Statistics

Banking and Financial Statistics (Bank of Canada)
The Bank of Canada’s Banking and Financial Statistics is a monthly periodical featuring banking and financial statistics for Canada.
Weekly Financial Statistics (Bank of Canada)
Weekly Financial Statistics feature key banking and money market statistics, updated each Friday afternoon.