Royal Bank of Canada ( RBC ) is Canada's largest multinational financial services company and Canada's largest bank by market capitalization. The Bank serves more than 16 million clients and has 80,000 employees worldwide. The bank was founded in 1864 in Halifax, Nova Scotia, while its corporate headquarters are located in Montreal, Quebec and Toronto, Ontario. The RBC Institution Number (or bank number) is 003. In November 2017, the RBC was added to the list of systemically important Global Financial Stability Boards.
In Canada, private banking and commercial banking operations are labeled as RBC Royal Bank in English and RBC Banque Royale in French and serve about ten million clients through its network of 1,209 branches. RBC Bank is a US banking branch that previously operates 439 branches in six states in the Southeastern United States, but currently only offers cross-border banking services to Canadian travelers and expats. RBC also has 127 branches in seventeen Caribbean countries, serving more than 16 million clients. RBC Capital Markets is RBC's corporate investment and banking subsidiary worldwide, 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 medium-market clients.
In 2011, RBC was Canada's largest company based on revenue and market capitalization. and was ranked No. 50 in the list of 2013 Forbes Global 2000. The company operates in Canada, and 40 other countries and has assets of US $ 673.2 billion managed in 2014.
Video Royal Bank of Canada
Histori
In 1864, the Merchants Bank of Halifax was established in Halifax, Nova Scotia, as a commercial bank financing the fishing and timber industries and the European/Caribbean export/import business. In 1869, the Merchant Bank was formally incorporated and received a federal charter in the same year.
During the 1870s and 1880s, the bank expanded to other Maritime Provinces. When both the Commercial Bank of Newfoundland and the Union Bank of Newfoundland collapsed on December 10, 1894, the Merchants Bank expanded into Newfoundland on January 31, 1895.
When a bank grows an executive changes its name to reflect western growth and expansion. In 1901, Halifax Merchant Bank changed its name to Royal Bank of Canada (RBC). The Canadian financial industry center has moved from Halifax to Montreal, so Merchants Bank moves its headquarters there. In 1910, RBC joined the Union Bank of Halifax. That same year, he built a bank branch in Winnipeg, Manitoba - designed by CarrÃÆ'¨re and Hastings, in the art of classism proclaiming Winnipeg's financial dominance in the meadow. To improve its position in Ontario, RBC joined Traders Bank of Canada in 1912 and in 1917 RBC joined Quebec Bank, founded in 1818 and leased in 1822 in Quebec City.
The presence of RBC in Manitoba and Saskatchewan was strengthened through the merger of 1918 with Northern Crown Bank, which was the result of a merger in 1908 between Northern Bank (founded 1905 in Winnipeg) and Crown Bank of Canada (1904), based in Ontario. The presence of RBC in Prairie Province grew again with a 1925 merger with Union Bank of Canada, which had begun in Quebec City in 1865 as Union Bank of Lower Canada, but renamed in 1886. Union Bank of Canada has moved its headquarters to Winnipeg on in 1912, and has built a strong presence in the Prairies.
In 1935, RBC merged with Crown Savings and Loan Co. join Industrial Mortgage & amp; Trust Co.
RBC installed its first computer in 1961, the first in Canadian banking. In the 1960s, RBC Insurance was created. In 1968, the company joined the Ontario Loan and Debenture Company (formerly the Ontario Savings and Investment Society). In 1993, RBC joined the Royal Trust. In 1998, RBC acquired Security First Network Bank in Atlanta - the first pure internet bank. In 2000, RBC incorporated a merchant credit/debit card that acquired a business with BMO Bank of Montreal's to establish a Moneris Solution. In 2013, RBC completed the acquisition of a Canadian subsidiary, Ally Financial.
Maps Royal Bank of Canada
RBC Insurance
The bank's symbol is a golden lion that holds the globe, with a blue background. Older versions describe the crown above the globe and the lion facing left. The changes coincide with the expansion in the US market. Over the years, the lion mane has also become less detailed and more stylish, and his tongue shortened.
Corporate governance
The top executive title of Royal Bank has changed several times. Originally it was set up as President . Then, he becomes the chief executive officer and one who often brings additional responsibility as the chairman of the council, while the second is the President. Allan R. Taylor was chairman and CEO from 1986 to 1994, and he was replaced by John Cleghorn in that capacity from 1994-2001. Dave McKay is currently President and CEO .
- Chief Executive
- Thomas Edward Kenny (1879-1908)
- Herbert Samuel Holt (1908-1934)
- Morris W. Wilson (1934-1946)
- Sydney Dobson (1946-1949)
- James Muir (1949-1960)
- W. Earle McLaughlin (1960-1979)
- Rowland C. Frazee (1977-1980)
- Jock K. Finlayson (1980-1983)
- Allan R. Taylor (1983-1986) - Chairman and CEO (1986-1994)
- John E. Cleghorn (1986-2001) - Chairman and CEO (1994-2001)
- Gordon Nixon (2001-2013) - President and CEO (2001-2013)
- Gordon Nixon (2013-2014) - CEO (2013-2014)
- David I. McKay (2013-2014) - President (2013-2014)
- David I. McKay (2014-present) - President & amp; CEO (2014-present)
- Chairman (non-executive)
- Guy Saint-Pierre (2001-2004)
- David P. O'Brien (2004-present)
Head Office History
- 1864-1907: Merchant's Bank of Halifax building, in Bedford Row, Halifax, Nova Scotia.
- 1907-1928: Four Building Pillars (destroyed except for faÃÆ'§ade), at 147 Saint Jacques Street (number 221 in 1928), Montreal, Quebec.
- 1928-1962: "Old Royal Bank Building, Montreal", at 360 Saint Jacques Street, Montreal, Quebec.
- 1962-present: Place Ville-Marie, at University Street & amp; RenÃÆ'Â © -LÃÆ'Â © vesque Blvd, Montreal, Quebec.
- 1976-present: Royal Bank Plaza, at 200 Bay Street, Toronto, Ontario.
The legal headquarters of RBC is still at Place Ville-Marie in Montreal. However, Royal Bank Plaza in Toronto is the head office de factoya; many of his management operations are there.
Awards and acknowledgments
In 2007, RBC was recognized as the Top 100 of the strongest brands in the world. Recognized as the "most respected company" in Canada In October 2008, RBC was named one of "100 Best Canadian Entrepreneurs" by Mediacorp Canada Inc., and featured in Maclean's newsmagazine. Later that month, RBC was also named as one of Toronto's Best Entrepreneurs, announced by Toronto Star newspaper. According to Global Newsweek's ranking, which measures how effectively companies manage risks and environmental opportunities relative to their industry counterparts, the Royal Bank of Canada is the most environmentally friendly company in the world.
Sponsors
Like many of its competitors, RBC is a major sponsor of many events, community programs, and charities. One percent of the RBC's average annual net income before tax is set aside for charitable partnerships through the long RBC Foundation.
RBC is the main sponsor of various cultural events, including the Toronto International Film Festival. It also sponsors the RBC Taylor Prize, a literary award for non-fiction writing in Canada, and hosts the Canadian Women Entrepreneurial Award every year. In July 2013, the RBC Foundation partnered with the University of Toronto to revive the Siminovitch Award at the Theater, which was awarded to recognize achievements in the Canadian theater.
RBC is one of Canada's largest amateur sports sponsors and is Canada's longest-running Olympic sponsor. It employs dozens of top-tier amateur athletes as part-time spokesmen through the Olympian RBC program. RBC is also a major sponsor of Hockey Canada and has the naming rights for Canada's 'A' national ice hockey championship, the Royal Bank Cup. In addition, he supports Canadian hockey at the grassroots level through the RBC Play Hockey program.
RBC has naming rights to RBC Center, Winnipeg RBC Convention Center, RBC Canada Open, and RBC Heritage (formerly Heritage Classic). From 2002 to 2012, the RBC previously held the naming rights for what is now the PNC Arena in Raleigh, North Carolina.
Controversy
Merge
In 1998, Royal Bank of Canada proposed to join Bank of Montreal, at the same time as Toronto-Dominion Bank proposes to join the Canadian Imperial Bank of Commerce. The two mergers were examined by the Canadian Competition Bureau, and were eventually rejected by Paul Martin, at the time of Canadian Finance Minister, and future Prime Minister.
Discrimination
On January 15, 2007, CBC Radio reported that RBC "refused" people from certain countries to open US dollar accounts in banks. Canadian citizens with dual citizenship in Cuba, Iran, Iraq, Myanmar, North Korea or Sudan (most countries with US sanctions) are affected. The US Treasury banned certain foreign nationals from using the US dollar payment system to limit terrorism and money laundering after the September 11, 2001 attacks. RBC responded that compliance with the law does not represent support by banks and on 17 January, clarified its position on the adoption of the law US-invited, which stipulates that "with a few exceptions" it does not open accounts for dual nationals of sanctioned countries. There are also reports that the bank has closed the accounts of several Iran-Canadian citizens.
Environment
Environmental groups have criticized RBC's funding for extraction and bitumen expansion of oil sands, cumulatively issuing "more than $ 2.3 billion in loans and financing more than $ 6.9 billion in corporate debt between 2003 and 2007 for 13 companies including: EnCana, Husky Energy, OPTI Canada, Delphi Energy, Canadian Oil Sands Trust, Northwest Improvement, Suncor, Total, Connacher Oil and Gas, InterPipeline and Enbridge. "Several environmental groups believe oil extraction has a detrimental effect on northern Alberta environments.
2010 Ottawa firebombing branch
The RBC branch at The Glebe neighborhood of Ottawa was bombed in May 2010. The responsible parties later identified themselves in Indymedia and threatened to be present at the upcoming 2010 Winter Olympics in Vancouver, as RBC is one of its main sponsors, as well as at the Toronto G-20 Summit 2010.
Temporary foreign workers and Canadian layoffs
In April 2013 the CBC reported that Royal Bank of Canada indirectly hired temporary foreign workers to replace 45 Canadian Information Technology workers.
The CBC reported on May 7, 2013, that during the question period, the NDP voiced allegations against the government and then Prime Minister Stephen Harper, to whom he had responded that the government had been working on problems with the Provisional Foreign Workers Program for over a year..
Membership
RBC is a member of the Canadian Bankers Association (CBA) and is a registered member with Canada Deposit Insurance Corporation (CDIC) , a federal institution that insures deposits across Canada's leased banks.
It is also a member of:
- Carrier ATM Network
- Interac
- MasterCard in the Caribbean market, and, starting March 2010, in Canada
- NYCE network selling point
- Plus Network
- The Global Banking Alliance for Women
Gallery
See also
- Bank Union robbery in 1913 and 1914
- List of investors at Bernard L. Madoff Securities
References
Further reading
- McDowall, Duncan (1993). Hurry to Frontier: Royal Bank of Canada . Toronto: McClelland & amp; Stewart. ISBNÃ, 978-0771055041
- McDowall, Duncan (1993). Au coeur de l'action: Banque Royale . Montreal: les Editions de l'Homme. ISBNÃ, 978-2761911146 in French
- The Canadian Chinese Business Council
External links
Official site
- RBC
- RBC Bank (US)
- Dominion Securities RBC
- RBC Royal Bank of Canada
- RBC Insurance (Canada)
- RBC Royal Bank of Canada (Caribbean and Bahamas)
- Wealth Management of RBC, International
- RBC & amp; Financial Services (Global)
Source of the article : Wikipedia
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