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The Royal Bank of Canada

Royal Bank of Canada
Public
Traded as RY
RY
SIXRY
Industry Financial services
Founded Halifax, Nova Scotia
1864; 153 years ago (1864)
Headquarters Toronto, Ontario, Canada
Montreal, Quebec, Canada
Key people
David I. McKay (President & CEO)
Revenue C$35.321 billion (2015)
IncreaseC$10.026 billion (2015)
Total assets C$1,074.208 billion (2015)
Number of employees
72,839 (FTE, 2015)
Subsidiaries City National Bank
Royal Bank of Trinidad and Tobago
Website rbc.com

The Royal Bank of Canada (RBC; French: Banque Royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada. The bank serves over 16 million clients and has 80,000 employees worldwide. The company corporate headquarters are located in Toronto, Ontario. The bank was founded in 1864 in Halifax, Nova Scotia. RBC's Institution Number (or bank number) is 003.

In Canada, the bank's personal and commercial banking operations are branded as RBC Royal Bank in English and RBC Banque Royale in French and serves approximately ten million clients through its network of 1,209 branches. RBC Bank was the U.S. banking subsidiary with 439 branches across six states in the Southeast, which served more than a million customers. RBC also has 127 branches across seventeen countries in the Caribbean, which serve more than 16 million clients.RBC Capital Markets is RBC's worldwide investment and corporate banking subsidiary, while the investment brokerage firm is known as RBC Dominion Securities. Investment banking services are also provided through RBC Bank and the focus is on middle market clients.

RBC is listed as the largest Canadian company by revenue and market capitalization by The Globe and Mail and was ranked at 50 in the 2013 Forbes Global 2000 listing. The company has operations in Canada, and 40 other countries and has 673.2 USD Bn of assets under management according to the Scorpio Partnership Global Private Banking Benchmark 2014, this represented an increase of 5.6% on the 2013 figure.

In 1864 the Merchants Bank of Halifax was founded in Halifax, Nova Scotia as a commercial bank that financed the fishing and timber industries and the European and Caribbean import/export businesses. By 1869 the Merchants' Bank was officially incorporated and received its federal charter in the same year. During the 1870s and 1880s the bank expanded into the other Maritime Provinces. When both the Newfoundland Commercial Bank and Union Bank of Newfoundland collapsed on 10 December 1894, the Merchants Bank expanded to Newfoundland in 31 January 1895. As the bank grew executives changed its name to reflect its growth and western expansion. In 1901, the Merchants Bank of Halifax changed its name to the Royal Bank of Canada (RBC). The center of the Canadian financial industry had moved from Halifax to Montreal, so the Merchants Bank relocated its head office there. In 1910 RBC merged with the Union Bank of Halifax. In the same year it built a bank branch in Winnipeg, Manitoba—designed by Carrère and Hastings, in beaux-arts classicism proclaiming the financial dominance of Winnipeg in the prairies. To improve its position in Ontario, RBC merged with Traders Bank of Canada in 1912 and in 1917 RBC merged with Quebec Bank, which was founded in 1818 and chartered in 1822 in Quebec City. RBC's presence in Manitoba and Saskatchewan was strengthened through a 1918 merger with Northern Crown Bank, which was the result of the merger in 1908 between Northern Bank (established in 1905 in Winnipeg) and Crown Bank of Canada (1904), based in Ontario. RBC presence in the Prairie Provinces was strengthened again with the 1925 merger with the Union Bank of Canada, which had begun in Quebec City in 1865 as the Union Bank of Lower Canada, but changed its name in 1886. Union Bank of Canada had moved its headquarters to Winnipeg in 1912, and had built a strong presence in the Prairies. In 1935 RBC merged with Crown Savings and Loan Co. merges with Industrial Mortgage & Trust Co. RBC installed its first computer in 1961—the first in Canadian banking. The RBC added new products throughout the 1960s and 1970s. It was at this time that RBC Insurance was created. In 1968 it merged with Ontario Loan and Debenture Company (formerly Ontario Savings and Investment Society). In 1993 RBC merged with Royal Trust. In 1998 The federal minister of finance (see Controversies below). In 1998 RBC acquired Security First Network Bank in Atlanta—the first pure Internet bank. In 2000 RBC merged merchant credit/debit card acquiring business with BMO Bank of Montreal's to form Moneris Solutions. In 2013 RBC completed the acquisition of the Canadian subsidiary of Ally Bank owned by ResMor Trust.


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