ADVERTISEMENT

Last Updated:
2024-04-19 15:20:47

Royal Bank of Canada

Canadian multinational financial services company
Canadian multinational financial services company

Royal Bank of Canada (RBC) is the largest bank in Canada, serving over 20 million clients globally. Founded in 1864, it has headquarters in Toronto. RBC operates in Canada, the US, the Caribbean, and other countries, offering personal and commercial banking, investment banking, and asset management services.

Community for Timeline Editors
Place where unique editors like you interact
1864
Royal Bank of Canada (RBC) Founded

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

1869
Royal Bank of Canada receives federal charter

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.

1882
Opening of International Branches in Bermuda

The Merchants Bank of Halifax opened its first international branch in Bermuda in 1882, expanding its operations beyond Canada. This move signified the bank's global expansion strategy.

1899
Establishment of Branch in Havana, Cuba

In 1899, the Merchants Bank of Halifax established a branch in Havana, Cuba, further diversifying its international presence. This marked a significant milestone in the bank's expansion efforts.

1901
Name Change to Royal Bank of Canada (RBC)

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.

1902
First woman employed by Royal Bank

Jennie Moore became the first woman employed by Royal Bank as a secretary in Vancouver, B.C. This marked a shift in the male-dominated banking industry.

1903
Opening of the first Toronto branch

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

1904
RBC Acquires Banco del Commercio de Havana

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

1907
Relocation of the bank's head office to Montreal

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.

1908
Appointment of Herbert Holt as bank president and expansion to provincial capitals

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.

1909
RBC Establishes Branch in Nassau, Bahamas

In 1909, the Royal Bank of Canada established a branch in Nassau, Bahamas, expanding its presence in the Caribbean region.

1910
Merger with Union Bank of Halifax

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.

1911
RBC Expands to New York City and the Caribbean

In 1911, the Royal Bank of Canada opened an agency in New York City and branches in Bridgetown, Barbados, and Kingston, Jamaica, further expanding its presence in the Caribbean region.

1912
Merger with Traders Bank of Canada

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.

1913
RBC Opens Branch in Grenada

In 1913, the Royal Bank of Canada opened a branch in Grenada, expanding its operations in the Caribbean region.

1914
RBC Acquires Bank of British Guiana

In 1914, the Royal Bank of Canada acquired Bank of British Guiana, established in 1836, and converted it into a branch, strengthening its presence in British Guiana.

1915
RBC Expands to Costa Rica and the Caribbean

In 1915, the Royal Bank of Canada opened branches in Costa Rica, Antigua, Dominica, and Saint Kitts, further expanding its operations in the Caribbean and Central American regions.

1916
RBC Opens Branch in Venezuela

In 1916, the Royal Bank of Canada expanded its operations to Venezuela by opening a branch in the country.

1917
Merger with Quebec Bank

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.

1918
Merger with Northern Crown Bank

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.

1919
RBC Expands to South America and Europe

In 1919, the Royal Bank of Canada opened branches in Brazil, Argentina, Uruguay, Paris, Martinique, Guadeloupe, and Port-au-Prince, Haiti, marking its expansion into South America and Europe.

1920-04
Launch of RBC Letter

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.

1923
RBC Consolidates Banking Operations in Cuba

In 1923, the Royal Bank of Canada bought and consolidated the banking operations of Pedro Gomez Mena e Hijo in Cuba, strengthening its position in the Cuban banking sector.

1925
Takeover of Union Bank of Canada in Winnipeg

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

1928
RBC Head Office at Old Royal Bank Building

In 1928, RBC moved its head office to the Old Royal Bank Building at 360 Saint Jacques Street in Montreal.

1929
Royal Bank of Canada exceeds $1 billion in 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.

1931-10
RBC's Response to McDougall & Cowans Bankruptcy

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.

1932
RBC closes branch in St. Lucia

In 1932, the Royal Bank of Canada made the decision to close its branch in St. Lucia, signaling a strategic shift in its operations.

1934
First Governor of the Bank of Canada from RBC

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.

1935
Merger with Crown Savings and Loan Co. and Industrial Mortgage & Trust Co.

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

1939
Royal Bank of Canada's Growth During World War II

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.

1940
RBC closes branches in Martinique and Guadeloupe

In 1940, the Royal Bank of Canada closed its branches in Martinique and Guadeloupe, possibly due to changing market conditions or operational considerations.

1941
Royal Bank becomes Canada's largest bank by assets

In 1941, The Royal Bank becomes Canada's largest bank by assets.

1943
Transformation of RBC Letter

In 1943, the RBC Letter underwent a significant change and evolved into a general interest essay series aimed at helping individuals comprehend the world and their own lives.

1951
Expansion into Oil, Gas, and Resource Exploration Industries

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.

1952
Opening of RBC's Oil and Gas Department in Calgary

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

1956
Construction of Place Ville Marie

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.

1958
RBC opens representative office in Hong Kong

In 1958, the Royal Bank of Canada established a representative office in Hong Kong, which later evolved into a full-fledged branch in 1978, showcasing the bank's international expansion.

1959
RBC opens branch in St. Vincent

In 1959, the Royal Bank of Canada expanded its presence by opening a branch in St. Vincent, further solidifying its footprint in the Caribbean region.

1960-12-08
Fidel Castro's regime acquires RBC's operations in Cuba

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.

1961
RBC First Use of Computer in Administration

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

1962-01
Introduction of Royal Bank's Modern Identity

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.

1964
RBC opens branch in George Town, Cayman Islands

In 1964, the Royal Bank of Canada expanded its operations by opening a branch in George Town, Cayman Islands, tapping into the financial services market in the region.

1967
Expansion of Mortgage Loan Services

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.

1968
Merger with Ontario Loan and Debenture Company

In 1968, RBC merged with Ontario Loan and Debenture Company, now known as RBC Insurance, which has become the largest Canadian bank-owned insurance organization.

1970-10
Formation of Orion Bank

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.

1973
Lion in Junior Olympic Program Advertising

Starting in 1973, a lion was featured in Royal Bank's Junior Olympic Program advertising.

1974
Modification of Lion and Globe Design

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.

1976-10
Introduction of 'Cool Lion' Version of Leo in Royal Bank Plaza's Merchants' Mall Advertising Campaign

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.

1979-06
Debut of Tweaked Logo by Gottschalk + Ash

In June 1979, a tweaked version of the Royal Bank's logo was silently introduced by Montreal design consultancy Gottschalk + Ash. The lion symbol was retained but with thickened lines and simplified details for better printing at small sizes.

1980
RBC purchases Banco de San Juan in Puerto Rico

In 1980, the Royal Bank of Canada expanded its presence in Puerto Rico by acquiring Banco de San Juan, adding to its existing branches in the region. This strategic move aimed to strengthen RBC's foothold in the Puerto Rican market.

1985
RBC starts to withdraw from the Caribbean

In 1985, the Royal Bank of Canada initiated a strategic withdrawal from much of the Caribbean region, signaling a shift in its operational focus or market strategy. This move included the sale of branches in the Dominican Republic to Banco de Comercio Dominicano.

1988
RBC Acquires Dominion Securities Inc.

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.

1990
Royal Bank Shortens Name to Royal Bank of Canada

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.

1991
Royal Bank's Expansion Plans in the United States

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.

1992-11-09
Disappointing Free Trade Leads to Royal Bank's Exit

In November 1992, Business First of Buffalo reported that disappointing free trade agreements led to the Royal Bank of Canada's exit from a certain market.

1994
125th Anniversary Celebration - Quick to the Frontier

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.

1995
Royal Bank Listed on New York Stock Exchange

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.

1996-09-13
Royal Bank to Buy Back Shares amid Reduced Need for Capital

In September 1996, the Wall Street Journal reported that the Royal Bank of Canada would buy back shares due to reduced capital needs.

1996-11-21
RBC to Spend C$500m on Consumer Banking

In November 1996, the Financial Times reported that the Royal Bank of Canada planned to spend C$500 million on consumer banking.

1997-01-16
Shareholders' Revolt, the Canadian Way: Bash Bank Bosses

In January 1997, the Wall Street Journal covered a story about a shareholders' revolt in Canada, possibly involving the Royal Bank.

1999-01
Royal-Montreal Bank Merger Declared Void

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.

2000-06-20
Royal Makes Big U.S. Insurance Acquisition

In June 2000, the Globe and Mail reported that the Royal Bank of Canada made a significant acquisition in the U.S. insurance sector.

2001-01-27
Royal Buys U.S. Bank Centura

In January 2001, the Globe and Mail reported that the Royal Bank of Canada acquired the U.S. bank Centura.

2001-02-24
Royal Bank's Head Retiring

In February 2001, the Globe and Mail reported that the head of the Royal Bank of Canada was retiring.

2001-03-19
The Royal Throne

In March 2001, Maclean's magazine covered a story titled 'The Royal Throne' related to the Royal Bank of Canada.

2002
Merger of Dain Rauscher Wessels and Tucker Anthony Sutro

In 2002, RBC merged the US brokerage and investment management firm Dain Rauscher Wessels into the Boston and San Francisco-based brokerage firm Tucker Anthony Sutro.

2003-05-31
RBC Expansion into U.S.

On May 31, 2003, the Globe and Mail reported that Royal Bank of Canada planned to push harder into the U.S. market, indicating a strategic growth initiative.

2004-02-17
RBC Takes Charge on Rabobank Settlement

In February 2004, the Globe and Mail reported that the Royal Bank of Canada took charge on a settlement related to Rabobank.

2005-05-28
RBC U.S. Mortgage Unit Sale

An article in the Globe and Mail on May 28, 2005, mentioned the sale of RBC's U.S. Mortgage Unit for about $108 million, signifying a strategic business decision.

2005-06-10
RBC $2.3-Trillion Asset Merger

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.

2005-10-19
RBC Enron Lawsuits Reserve

On October 19, 2005, the Globe and Mail reported that Royal Bank of Canada set Enron lawsuits reserve, possibly indicating legal and financial preparations.

2006-02-07
Publication of Article on Royal Bank of Canada (RBC) in The Canadian Encyclopedia

Mark S. Bonham published an article about the Royal Bank of Canada (RBC) in The Canadian Encyclopedia on February 07, 2006. The article provides information and insights about the history and significance of RBC.

2006-03-30
RBC U.S. Operations Expansion

In March 30, 2006, the Globe and Mail mentioned that Royal Bank of Canada planned to speed up the expansion of its operations in the U.S., indicating a strategic business move.

2007-01-15
RBC Discrimination Controversy

On January 15, 2007, CBC Radio reported that RBC was not opening US dollar accounts for individuals from certain nationalities, affecting Canadian citizens with dual citizenship in countries like Cuba, Iran, Iraq, Myanmar, North Korea, or Sudan due to US sanctions.

2008
Royal Bank's Acquisition of Phillips, Hager & North

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.

2010-05
Firebombing of RBC Branch in Ottawa

In May 2010, an RBC branch in The Glebe neighbourhood of Ottawa was firebombed, with the perpetrators later identifying themselves on Independent Media Center and threatening to disrupt the 2010 G20 Toronto summit.

2011
Royal Bank Abandons US Retail Banking Growth Strategy

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.

2012
Digital Transformation of Leo in iPad App for Kids

In early 2012, the Royal Bank's Leo mascot underwent a digital transformation with the launch of an iPad app aimed at teaching kids about the concept and value of money.

2013-04
Royal Bank of Canada hiring temporary foreign workers

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

2013-07
Partnership with University of Toronto for Siminovitch Prize

In July 2013, the RBC Foundation partnered with the University of Toronto to revive the Siminovitch Prize in Theatre, recognizing achievements in Canadian theatre.

2014
RBC enters into a merger agreement to acquire City National Corporation

In 2014, RBC entered into a merger agreement to acquire City National Corporation, a significant U.S. bank, expanding its presence in the American market.

2015
RBC sells Royal Bank of Canada (Suisse) SA to SYZ Group

In 2015, RBC agreed to sell its Swiss private bank, Royal Bank of Canada (Suisse) SA, to local rival SYZ Group, managing assets for clients in Africa, the Middle East, and South America.

2016-01-21
Aviva acquires RBC General Insurance Company

On January 21, 2016, Aviva announced the acquisition of RBC General Insurance Company for C$582 million, marking a significant transaction in the insurance sector.

2017-11
RBC Added to Financial Stability Board's List

In November 2017, the Royal Bank of Canada was included in the Financial Stability Board's list of global systemically important banks.

2019
RBC sells Eastern Caribbean banking operations

In 2019, RBC agreed to sell its banking operations in the Eastern Caribbean, including locations such as Antigua, Dominica, and Saint Lucia, to a consortium of banks in the region.

2020
RBC as Fifth Largest Funder of Fossil Fuels

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.

2021
Royal Bank of Canada serves 17 million clients worldwide

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

2022-11
RBC Acquires HSBC Canada

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.

2023-05-25
Royal Bank of Canada (RBC) Entry in The Canadian Encyclopedia

An entry about the Royal Bank of Canada (RBC) in The Canadian Encyclopedia was published on May 25, 2023, authored by Mark S. Bonham.

2024-04-19
Access to Article on Royal Bank of Canada (RBC) in The Canadian Encyclopedia

The article on the Royal Bank of Canada (RBC) in The Canadian Encyclopedia can be accessed online as of April 19, 2024. This provides an opportunity for individuals to read and learn more about RBC's history and significance.

End of the Timeline
Royal Bank of Canada

Information

Royal Bank of Canada

Canadian multinational financial services company
Last Updated:

🫵Contribute to this content!
Your input benefits people around the world
See something to add or edit? Simply click the edit button below to make a difference! All you need is a quick sign in.
💬Join our discord community!
Connect and collaborate
Become part of our vibrant community! Share your thoughts, ask questions, and connect with other passionate editors.
Join Discord

Event

Last Updated:

🫵Contribute to this content!
Your input benefits people around the world
See something to add or edit? Simply click the edit button below to make a difference! All you need is a quick sign in.
💬Join our discord community!
Connect and collaborate
Become part of our vibrant community! Share your thoughts, ask questions, and connect with other passionate editors.
Join Discord
Become an Editor of Timeline Wiki
Become an Editor of
Timeline Wiki
USD $0 for creating and editing infinite number of timelines after sign up.