Royal Bank of Canada was founded in 1864 in Nova Scotia by a group of 8 businessmen who wanted to offer banking services for the fishing and timber industries. The original name of the bank was Merchants Bank of Halifax. The bank grew to include maritime services. When the Newfoundland bank collapsed, the company expanded to New Foundland.
With their expansion to Newfoundland, the bank changed its name to the Royal Bank of Canada and they moved headquarters to Montreal, Canada, in 1901.
The bank’s personal and commercial banking operations are branded as RBC Royal Bank in English and RBC Banque Royale in French and serve approximately ten million clients through its network of 1,209 branches.
In June 2019, the Royal Bank of Canada and Microsoft announced that they were creating a joint venture called “Go Digital” to help businesses confront the challenges of going digital.
In July 2019, the company stated that they believed the natural gas “glut” will continue at least through 2020, with China about to become the largest consumer of propane.
In 2011, RBC was the largest Canadian company by revenue and market capitalization. It was ranked at No. 50 in the 2013 Forbes Global 200 list. The company has operations in Canada, and 40 other countries.