The word “Royal” in the name of the Royal Bank of Canada is not at all to make it sound loud or give pathos. It is not only the largest bank in Canada, but also the largest company in the country. It is on the twelfth place in the list of the largest banks in the world by market capitalization.
It is a global money conglomerate, involved in many financial sectors and providing a wide range of services. The company’s activities cover private and commercial banking, asset management, life, health and property insurance, and intellectual property. It is engaged in investment and depository services, is active in the capital markets.
The bank did not manage to achieve such a “branching” of its activities and multibillion-dollar assets immediately. Like all powerful organizations of this kind, the “Royal Bank” has its beginning, history, and has gone through a series of ups and downs. After all, the biography of financial institutions can also be entertaining and the history of Royal Bank of Canada is one of these.
The Genesis of Royal Bank of Canada?
The very first name of the bank, founded in 1864 in Halifax — Merchants Bank of Halifax. The initiative of its creation belonged to eight large entrepreneurs who joined their efforts for one big business. It took the institution five years to obtain a federal charter and issue its own shares. In the early 1870s, the bank began to extend its influence to the maritime provinces, but then the first crisis broke out. Due to the critical collapse of the shipbuilding industry, the bank had to significantly slow down its development.
Already in 1882, the bank went beyond Canada, and the company opened a representative office in Bermuda, in Hamilton. However, it existed only until 1889. Interestingly, the company, for old times sake, does not change its traditions until now, keeps the focus on the Caribbean region.
In 1896, the bank’s assets totaled $ 10 million. In 1897-1898, branches of the bank appeared in British Columbia, New York, and Havana. Further, the management of the financial organization aimed at Cuba, and already in 1903 bought the Banco de Oriente de Santiago de Cuba. But, wanting to develop further, the bank acquired another organization-Banco del Commercio de Havana. And as a result, already in the 1920s, the Canadian bank became the largest and most influential in Cuba.
In 1901, it received its current name-the Royal Bank of Canada (RBC). Then the management got tired of the office in Halifax, and it is obvious that there were more opportunities in Montreal due to that fact the central office of the bank moved. By that time, the company’s assets already amounted to $ 50 million.
In 1961, when computers first appeared, and they were still a novelty to the modern world, the bank already installed few in their headquarters. A year later, the company’s logo changed – the lion, crown and globe, which are still known today, appeared on it. And all in the same 1962, the bank moved to the 42-story skyscraper Ville Marie,
The next, certainly historic event for the bank was the organization of Orion, along with five other banks in London, to get the opportunity to enter the financial services market. And in 1981, Orion became a division of the Royal Bank of Canada, whose assets by that time amounted to fifty-three billion US dollars.
Royal Bank of Canada (RBC) is one of the 5 major banks in Canada. The bank’s 8,000 employees and more than 15 million customers enable it to offer the best conditions for doing business in Canada. The Bank carries out personal and commercial banking operations, provides asset management and insurance services, as well as services for investors not only in Canada, but also in the United States and 42 other countries around the world.
Royal Bank of Canada is regularly included in the “50 Best companies in Canada” lists. The bank’s goal is to be the undisputed leader in banking services in Canada and the leading bank in the field of capital management and financial investments – worldwide.
Private and Commercial Banking (Personal & Commercial Banking)
Private & Commercial Banking — operates in Canada, the United States and the Caribbean, providing services to individuals and small businesses. It serves about 13.5 million customers through a network of 1,350 branches and 4,800 ATMs, as well as online and via mobile applications. The division’s turnover is approximatelyCA$14.3 billion (of which CA$13.4 in Canada), net profit-CA$5 billion, assets — CA$386 billion.
Wealth Management
Wealth Managmebt dibision serves wealthy clients around the world, providing investment, credit, banking and trust services. The division has offices in Canada, the United States, the United Kingdom, the Channel Islands, and Asia.
Customer assets exceeded CA$1.2 trillion, the division’s turnover is approximately CA$6.8 billion, net profit-CA$1 billion, assets-CA$29 billion.
Insurance
Insurance division -provides insurance services both in Canada and in other countries of the world. The division’s turnover is approximately CA$4.4 billion (of which CA$2.7 in Canada), net profit-CA$706 million.
Investment and Depository Services
Investor & Treasury Services — storage, movement and investment of assets of large financial institutions. The depository network is located in North America, Europe and the Asia-Pacific region. The division’s turnover is approximately CA$2 billion, net profit-CA$556 million, assets-CA$125 billion, depository assets-CA$3.7 trillion.
Capital Markets
Capital Markets provides financial services to private and public companies, governments and central banks. The division’s turnover is approximately CA$8.1 billion, net profit-CA$2.3 billion, assets-CA$477 billion.
