Royal Bank of Canada (English: Royal Bank of Canada, French: Banque Royale du Canada, TSX: RY, NYSE: RY, LSE: 0QKU, SIX: RY) is the largest bank in Canada. As of the end of 2022, it ranked 23rd largest bank in the world based on market capitalization.

As of October 31, 2023, RBC Royal Bank (French: RBC Banque Royale), a retail banking business in Canada, had 1,143 branches and 4,003 ATMs nationwide, serving approximately 15 million people and business customers, and ranked first or second in Canada in terms of personal banking product market share.

History

Royal Bank of Canada was founded in 1864 and opened in Halifax. The original name was Merchants' Bank. It was renamed in 1901 and has been used since then. At that time, the local Chinese people in Canada called it Laolu Bank. In 1907, the bank's headquarters moved to Montreal.

June 20, 2011, PNC Financial Services Group said in a statement on the 20th that it has reached an agreement with Royal Bank of Canada to acquire the latter's retail banking business in the United States for $3.45 billion. Royal Bank of Canada (US) is headquartered in North Carolina and has assets of about 25 billion US dollars. The bank has 424 branches in 6 US states. With the completion of the transaction and PNC Financial Services' existing service network, the bank will have 2,870 branches, making it the fifth largest bank in the United States.

In 2015, RBC agreed to sell its Swiss private bank, Royal Bank of Canada (Suisse) SA, to local SYZ Group. In November of the same year, RBC completed the acquisition of City National Bank.

On January 21, 2016, Aviva announced the acquisition of RBC General Insurance Company for 582 million Canadian dollars.

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

In January 2022, Standard Chartered acquired Royal Bank of Canada's Royal Trust Hong Kong Limited.

On November 29, 2022, RBC announced the acquisition of HSBC Bank Canada's personal and commercial banking business and preference shares and outstanding debt issued by HSBC Canada and held by HSBC from HSBC Holdings for approximately US $800 million to US $700 million respectively, for a total of US $11.60 billion (approximately HK $90.20 billion). On March 28, 2024, the acquisition of HSBC Bank of Canada was completed.

Operational status

The current headquarters of Royal Bank of Canada is located in the center of Mary City in Montreal. The operation center is located in Toronto, with 1,400 branches in North America and more than 30 countries around the world, and more than 12 million customers. Royal Bank of Canada also owns RBC Capital Markets, the world's 12th largest investment bank.