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.

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.

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.

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.

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.

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

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.

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.

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

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.

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.

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

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.

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.

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 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.

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

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

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

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.

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

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

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.

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.

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.

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.

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 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.

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

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.

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

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 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.

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.

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.

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 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.

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

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

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

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.

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

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

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

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

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.

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.

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

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.

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.

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

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.

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.

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.

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 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.

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 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.

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

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.

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.

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.

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

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.

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.

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

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.