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This article is about the Canadian bank. For the American subsidiary, see RBC Bank.
The Royal Bank of Canada (in French, Banque Royale du Canada, and commonly RBC in either language) is the largest financial institution in Canada, measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide.[1] The company's primary corporate offices are located in Toronto, Ontario, while it is officially headquartered in Montreal, Quebec. The bank was founded in 1864 in Halifax, Nova Scotia. In Canada, the bank is branded as RBC Royal Bank in English and RBC Banque Royale in French and serves approximately ten million clients through its network of 1,174 branches.[2] RBC Bank is the US retail banking subsidiary with 439 branches across six states in the Southeast, which serve more than a million customers.[3] RBC also has 127 branches across seventeen countries in the Caribbean, which serve more than 1.6 million clients.[1] 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 with a focus on middle market clients. RBC is listed as the largest Canadian company by revenue and market capitalization by The Globe and Mail[4] and is ranked at number 55 on the Forbes Global 2000 listing.[5] The company has operations in Canada, the United States, and 48 other countries.[6]
[edit] Timeline
[edit] International timeline  RBC Royal Bank has carved out a name for itself as a leader in the Caribbean region, especially in the anglophone Caribbean.
[edit] RBC Bank (USA)Main article: RBC Bank  RBC has a large retail banking presence in the southeastern United States, marketing itself there as RBC Bank. RBC Bank is headquartered in Raleigh, North Carolina. The bank has recently merged with Flag Bank, increasing its presence in Georgia. RBC continues to grow in the Southeast after acquiring 39 branches of AmSouth Bank in Alabama on March 9, 2007 (previously RBC Centura had no locations in this state).[7] RBC announced on January 17, 2008 that it would abandon the "Centura" brand in April 2008 and the U.S. operations would operate as RBC Bank. RBC's footprint in Alabama, Georgia, and Florida expanded significantly after it completed its acquisition of Alabama National Bancorporation in June 2008.
[edit] Logo The bank's symbol is a golden lion clutching a globe, on a blue background. An older version had a crown above the globe and had the lion facing to the left rather than the right. The change coincided with an expansion in United States markets. The logo is known and recognized in Canada as a famous symbol.[citation needed] [edit] Corporate governanceEdson Loy Pease (1856-1930), a Quebec native, was a chief executive and managing director of the bank and one of the key people in its history. An employee of the Merchants' Bank of Halifax, he built that bank's Quebec business to where Montreal became its centre of operations. His efforts saw the Bank formally relocate its head office in 1907 to St. James Street in Montreal following which he induced the prominent Montreal business magnate Herbert S. Holt to accept an appointment as the bank's new President. While at the time Holt's presidency was largely a ceremonial position, his name substantially raised the bank's profile and broadened its business connections. The title of Royal Bank's top executive has changed several times. Initially it was styled as President. Later, it became Chief Executive Officer and one often carried additional responsibilities as Chairman of the Board, while the second-in-command was the President. Allan R. Taylor was Chairman and CEO from 1986 to 1994, and he was succeeded by John Cleghorn in that capacity from 1994-2001. Gordon Nixon is currently the President and Chief Executive Officer, as the bank decided to appoint a non-executive chairman after Cleghorn's retirement.
Current members of the board of directors are: Geoffrey Beattie, Douglas Elix, John Ferguson, Paule Gauthier, Jacques Lamarre, Brandt Louie, Gordon Nixon, David O'Brien, Robert Peterson, Pedro Reinhard, Timothy Hearn, Kathleen Taylor, Victor Young, Michael McCain, Alice Labeige. [edit] History of Head Offices
RBC's official legal corporate headquarters still remains in Montreal at Place Ville-Marie. However, the great majority of management operations were moved to its current location in Toronto at the Royal Bank Plaza, making this the company's operational corporate headquarters. [edit] Awards and RecognitionRBC has been awarded with many awards and recognition for its financial products and services. RBC is the most "valuable brand" in Canada for over three consecutive years. RBC is also one of the top 100 sustainable companies in the world. Other awards and recognitions include:
According to a global Newsweek ranking, which measures how effectively companies manage environmental risks and opportunities relative to their industry peers, Royal Bank of Canada is the most environmentally friendly company in the world.[10] In 2002, RBC purchased the naming rights for the Entertainment and Sports Arena in Raleigh, NC, home to the Carolina Hurricanes of the National Hockey League and North Carolina State University basketball. The arena was renamed the RBC Center, with a 20-year lease at a cost of $80 million. In June 2006, the RBC Center was host for the NHL's Stanley Cup Finals, and on June 19, 2006, the Carolina Hurricanes defeated the Edmonton Oilers in the RBC Center to win the Stanley Cup. [edit] ControversiesOn January 15, 2007, CBC Radio reported RBC is "refusing" people of certain nationalities to open U.S. dollar accounts with the bank.[11] Canadian citizens with dual citizenship in Cuba, Iran, Iraq, Myanmar, North Korea or Sudan (mostly countries with U.S. sanctions) are affected. The U.S. Treasury Department restricts certain foreign nationals from using the U.S. dollar payment system to limit terrorism and money laundering after the September 11, 2001 attacks. RBC replied that compliance with such laws does not represent an endorsement by the bank and on January 17, clarified its position on the application of the U.S. laws, specifying that "with some exceptions" it does open accounts for dual citizens of the sanctioned countries.[12] Toronto Star business and consumer affairs columnist Ellen Roseman regularly reported on RBC lack of customer service.[13] Certain environmental groups have criticized RBC's financing of oil sands bitumen extraction and expansion, 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 Upgrading, Suncor, Total, Connacher Oil and Gas, InterPipeline and Enbridge."[14][15] The oil sands development has caused damage to the Athabasca river watershed and the people of the Cree Nation. The tailing ponds of water polluted by bitumen processing are extensive..[14] [edit] MembershipsRBC is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks.
[edit] References
Canada China Business Council [edit] External links
[edit] Historical bank notes
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