RBC Royal Bank
The Royal Bank of Canada
(RBC), was established in 1864 in Halifax, Nova Scotia as Merchants Bank, and after more than a century of being in business has expanded their operations to serve more than 18 million clients in 53 countries. At the moment, the Royal Bank of Canada has assets that total $655 billion, with approximately $400 billion in deposits, nearly 1,200 branches, and over 71,000 employees. The bank has historically been the largest bank and financial institution in Canada (as measured by deposits, overall assets, revenues, and market capitalization), leading the 'Big Five' banks consistently for many years, is currently the largest company in Canada, and is ranked #53 on the Forbes 2000 list.
The retail US banking subsidiary of the Royal Bank of Canada
is referred to as RBC bank, with approximately 440 branches in six states throughout the Southeastern US. The bank also has 127 branches in 17 countries in the Caribbean region, with more than 1.6 million clients. RBC Capital Markets is the group's investment and corporate banking subsidiary and the RBC Dominion Securities is the investment brokerage arm. By expanding their operations outside of Canada, the RBC has ensured their continued success and secured the top position in the Canadian banking industry for many decades.
History of the RBC
RBC Bank began as a single 'Merchants Bank' founded in Halifax, Nova Scotia, in 1864. In 1869, the bank received their federal charter, and changed its name to Merchants' Bank of Halifax. From the 1870's to the 1880's the bank expanded its operations into the Maritime Provinces, and in 1882 an office in Bermuda was opened, marking the beginning of their expansion into the Caribbean. In 1901 the bank changed its name to Royal Bank of Canada (RBC). Two years later the bank purchased its first branch in Cuba, and over the next 20 years would amass 65 branches in the small country, becoming the largest bank in Cuba. From 1910 – 1930 the RBC grew significantly by merging with Union Bank of Halifax (in 1910), Traders Bank of Canada (in 1912), Quebec Bank (in 1917), Northern Crown Bank (1918), and Union Bank of Canada (in 1925). In 1961 the RBC installed its first computer, which was also the first computer to be used in the Canadian banking industry. In 1993, RBC merged with Royal Trust, further solidifying their position at the top of the 'Big Five'.
Products and Services
Through their user-friendly web site, the RBC offers various products and services including banking, investing, wealth management, and advice & banking tools. Amongst the personal financial services offered by RBC are checking & savings accounts, student banking, online banking, credit cards
, mortgages, loans & credit lines, and home equity loans. For investors, the RBC also offers RRSPs, TFSAs, Mutual Funds & GICs, RESPs, Wealth Management and other investment services. The Royal Bank of Canada also provides several forms of insurance, including travel insurance, mortgage insurance, and loan insurance.
Regardless of your financial requirements, with its broad and diverse range of offerings, the RBC is sure to have a suite of suitable products and services for you banking needs. Their online banking interface makes it easy for anyone to find and learn about an assortment of banking services and investment topics.
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