Royal Bank of Canada

The Royal Bank of Canada (RBC) was established in 1864. It has grown to become the largest chartered bank and financial institution in Canada.

In 1869, after Confederation, the Merchants Bank of Halifax received its official federal charter and transformed into the Royal Bank of Canada, becoming a public company with an initial capital of $300,000.

In 1901, the Merchants Bank of Halifax rebranded itself as the Royal Bank of Canada (RBC) to reflect its growth and expansion across the country, particularly in Western Canada.

In 1903, the Royal Bank of Canada opened its first branch in Toronto, expanding its presence across the country.

In 1904, the Royal Bank of Canada purchased Banco del Commercio de Havana, further strengthening its position in the Cuban banking sector.

In 1907, shareholders approved the relocation of the Royal Bank of Canada's head office from Halifax to Montreal, where the bank's general manager was located, signaling a strategic move towards the financial hub.

In 1908, Canadian businessman Herbert Holt was elected as the president of the Royal Bank of Canada, and the bank had established branches in every provincial capital by the year's end, solidifying its national presence.

In 1910, the Royal Bank of Canada merged with the Union Bank of Halifax, consolidating its presence in the region and strengthening its position in the financial market.

To enhance its operations in Ontario, RBC merged with Traders Bank of Canada in 1912, expanding its reach and influence in the province's financial sector.

In 1917, the Royal Bank of Canada merged with Quebec Bank, a financial institution with a long history dating back to 1818, further solidifying RBC's position in Quebec and expanding its customer base.

In 1918, RBC strengthened its presence in Manitoba and Saskatchewan through a merger with Northern Crown Bank, which was formed from the merger of Northern Bank and Crown Bank of Canada.

The RBC Letter, previously known as the Royal Bank Monthly Letter, was introduced in April 1920 with the purpose of providing insights and analysis on financial and economic topics.

In 1925, the Royal Bank took over the troubled Union Bank of Canada in Winnipeg, significantly expanding their branches and assets.

In 1929, the Royal Bank of Canada became the first Canadian bank to exceed $1 billion in assets, solidifying its position as a major financial institution.

During the Great Depression, RBC, the principal lender to McDougall & Cowans and other stock brokerage firms, faced a potential crisis due to a high number of withdrawals. McDougall & Cowans went bankrupt in October 1931, following the British government's decision to abandon the gold standard and a subsequent stock market crash in 1929. However, RBC's management skills and strict lending policies helped the bank navigate through the crisis.

In 1934, Graham Towers, a management executive from the Royal Bank of Canada, became the first Governor of the Bank of Canada, highlighting RBC's influence in shaping the country's financial landscape.

In 1935, RBC merged with Crown Savings and Loan Co. and Industrial Mortgage & Trust Co., expanding its financial services.

Despite challenges faced during the stock market crash, the Royal Bank of Canada's assets exceeded CAD 1 billion by 1939. During World War II, the bank actively participated in war measures and expanded its domestic business, becoming Canada's largest bank based on assets in 1941.

After World War II, the Royal Bank of Canada played a significant role in developing Canada's oil, gas, and resource exploration industries by providing banking services in remote locations. It established an oil and gas department in Calgary and expanded services along the British Columbian route.

In 1952, RBC established an oil and gas department in Calgary, marking a significant development in Canada's resource exploration business.

In 1956, Royal Bank of Canada announced the construction of Place Ville Marie, a 45-storey high building which became Canada's largest head office.

On December 8, 1960, Fidel Castro's regime acquired the operations of the Royal Bank of Canada in Cuba, leading to significant changes in the bank's presence in the country. The forced sale and subsequent financial intermediation during the Bay of Pigs Invasion era marked a challenging period for RBC.

In 1961, the Royal Bank of Canada (RBC) became the first in the banking industry to start using a computer for its administrative tasks.

In January 1962, the firm Lippincott & Margulies designed the bank's first modern identity, featuring a stylized lion clutching a globe. The logo evolved over time, becoming more simplified with each iteration.

In 1967, Royal Bank of Canada made significant changes allowing them to issue mortgage loans for the first time and removing the interest rate ceiling on loans. By this year, RBC had written over half of the residential mortgage loans in the country.

In October 1970, RBC collaborated with Chase Manhattan Bank, England’s National Westminster Bank, and Germany’s Westdeutsche Landesbank Girozentrale to establish Orion Bank, aiming to capitalize on international banking opportunities.

The 'Lion and Globe' design of Royal Bank was simplified in 1974 by removing most of the lighter lines and details, giving a modern look to the corporate identity. This version of the logo became one of Canada's most recognizable corporate icons.

In October 1976, a 'cool lion' version of Leo played a significant role in the advertising campaign for the opening of Royal Bank Plaza's Merchants' Mall in Toronto.

In 1988, the Royal Bank of Canada expanded its business operations by purchasing 67% of Dominion Securities Inc., the largest investment dealer in Canada. This strategic move allowed RBC to diversify into wealth management.

In 1990, Royal Bank officially changed its name to Royal Bank of Canada, reflecting its national identity and presence. This rebranding was part of the bank's strategic initiatives to align with its evolving business focus.

In 1991, Royal Bank aimed to strengthen its position in the United States by acquiring a U.S. retail bank. However, due to economic challenges and difficulties in finding a suitable prospect at the right price, the bank had to retreat from its ambitious U.S. plans.

In 1994, Royal Bank of Canada celebrated its 125th anniversary with the publication of 'Quick to the Frontier', a book that narrates the journey of the bank from its regional banking roots to becoming a diversified financial services company.

In late 1995, Royal Bank was listed on the New York Stock Exchange, signaling its intention to expand internationally and potentially acquire a U.S. money-management business.

In January 1999, the Minister of Finance declared the merger between Royal Bank of Canada and Bank of Montreal void due to concerns about reduced price competition, which was deemed against the best interests of Canadians.

On June 10, 2005, the Globe and Mail reported that Royal Bank of Canada set up a $2.3-trillion asset merger, indicating a significant financial move by the bank.

In 2008, Royal Bank purchased the privately held asset management firm Phillips, Hager & North of Vancouver, with $105 billion in managed assets, as part of its strategy to focus on growing asset management.

In 2011, Royal Bank of Canada decided to halt its expansion in the US retail banking sector by selling RBC Centura to PNC Financial Services for US$3.62 billion.

In April 2013, the CBC reported that the Royal Bank of Canada was indirectly hiring temporary foreign workers to replace Canadian information technology workers.

In 2020, RBC was identified as the fifth largest funder of fossil fuels globally and the largest in Canada, investing over US$160 billion in fossil fuel projects since the Paris Agreement in 2015, leading to criticism from environmental groups and climate activists.

Approximately 97,000 employees of Royal Bank of Canada provide exceptional advice to 17 million clients globally, making the bank their first choice.

In November 2022, RBC and HSBC Canada announced a deal for RBC to acquire 100% of the common shares of HSBC Canada for $13.5 billion, subject to regulatory approvals.