Royal Bank of Canada (RBC) history, profile and history video
Royal Bank of Canada (RBC), or also know by the French name as Banque Royale du Canada, is a Canadian multinational diversified financial services company headquartered in Toronto, Canada, but with the legal head office located in Montreal, Quebec. It was originally founded in 1864 as Merchants Bank of Halifax, by J. W. Merkell, Edward Kenny, T. C. Kinnear, James B. Duffus, William Cunard, John Tobin, George P. Mitchell, and Jeremiah Northup.
At the beginnings, Merchants Bank of Halifax was a commercial bank that financed the fishing and timber industries, and also the European and Caribbean import/export businesses. It received its federal charter in 1869.
To reflect its growth and western expansion, the Merchants Bank of Halifax changed its name to the Royal Bank of Canada (RBC) in 1901. Today, all its subsidiaries operate under this master brand name RBC.
The company operates through the following business segments: Personal & Commercial Banking, Wealth Management, Investor & Treasury Services, Capital Markets, and Insurance.
Personal and Commercial Banking
The Personal and Commercial Banking segment covers personal, commercial and corporate banking operations and also some retail investment businesses.
Wealth Management
The Wealth Management segment involves wealth management solutions and asset management products and services.
Investor & Treasury Services
The Investor & Treasury Services segment provides custodial, advisory, financing, and other services for the institutional investing clients, to safeguard assets, maximize liquidity and manage risk.
Capital Markets
The Capital Markets segment includes a wide range of capital markets products and services for public and private companies, institutional investors, governments and central banks, across the two main business lines, Corporate and Investment Banking and Global Markets.
Insurance
The Insurance segment provides a wide range of life, health, home, auto, travel, wealth and reinsurance advice and solutions, but also creditor and business insurance services to individual, business and group clients.
With more than 80 000 employees in more than 35 countries, the Royal Bank of Canada is considered one of the largest banks in Canada and also one of the largest banks in the world, based on market capitalization. According to Forbes, RBC is considered one of the World’s Most Valuable Brands and one of the top 2000 largest public companies in the world.
*Information from Forbes.com, Wikipedia.org, and www.rbc.com.
**Video published on youtube.com by “RBC“.