The Royal Bank of Canada (TSX: RY, NYSE: RY) is Canada's largest chartered bank. It has over 1,400 branches across Canada, over 70,000 full-and part-time employees worldwide, and offices in over 34 countries.
Its primary marketing name is now RBC and that name is used on all its business units, which are collectively known as RBC Financial Group. Examples include RBC's capital market operations RBC Capital Markets; full service investment brokerage firm RBC Dominion Securities, and online investment site RBC Direct Investing. RBC also has a large retail banking presence in the southeastern United States, marketing itself there as RBC Centura.
2006 - Created Institutional Investment Joint Venture with Dexia. It is a 50/50 Partnership called RBC Dexia Investor Services. [1]
International timeline
RBC has carved out a name for itself as a leader in the Caribbean region. RBC Royal Bank maintains a profitable base from its Caribbean operations, and has retained high brand recognition among its other top competitors. RBC is especially known in the anglophone Caribbean for its various personal and business banking services in retailing, loans, and credit offerings.
1960 - The Castro regime acquires the RBC's operations in Cuba
1970s - As a result of Law 75, RBC's operations in Colombia become Banco Royal Colombiano.
1980 - Purchases Banco de San Juan in Puerto Rico, adding its 14 branches to the six that RBC already has in Puerto Rico.
1985 - RBC starts to withdraw from much of the Caribbean. It sells its 12 branches in the Dominican Republic to Banco de Comercio Dominicano. It also sells its stake in Royal Bank (Jamaica) to Jamaica Mutual Life Assurance. Furthermore, the Government of Guyana nationalizes its operations there and renames the bank Republic Bank. Additionally the RBC operations in Trinidad and Tobago are floated there and become known as the Royal Bank of Trinidad and Tobago, Ltd.
RBC now has a large retail banking presence in the southeastern United States, marketing itself there as RBC Centura. RBC Centura has unveiled plans for a move of its headquarters to Raleigh. The bank has recently merged with Flag Bank, increasing it's presence in Georgia. RBC continues to grow in the Southeast after recently acquiring 39 branches of AmSouth Bank in Alabama (previously RBC Centura had no locations in this state).
Royal Bank of Canada's previous logo (the crown was removed)
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.
Corporate governance
Edson 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.
1864-1907: Merchants' Bank of Halifax Building, on Bedford Row, Halifax, Nova Scotia.
Media attention
On January 15, 2007, CBC Radio reported RBC is "refusing" people of certain nationalities to open U.S. dollar accounts with the bank.[1] 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 the compliance with such laws do 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 countres.[2].
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