Royal Bank of Canada
The Royal Bank of Canada is the largest financial institution in the country. Its beginnings date back to 1864, when it was originally founded as the Merchants Bank by a group of entrepreneurs based in Halifax. At that time, the focus of operations was somewhat limited compared to the scope of business the corporation handles today. Promissory notes, credit and deposits encompassed most of what the bank did.
RBC has added the brand of Royal Bank Financial Group to better represent the wide variety of personal and business banking services that it now offers. It now boasts more than 18 million clients in more than 50 different countries. It also employs more than 80,000 people worldwide. It is sometimes difficult to get an idea of just how big the Royal Bank Financial Group has become, but to put it into perspective, RBC operates more than 1 in 5 of all automated banking machines in Canada.
Spotlight on Royal Bank of Canada
About Royal Bank of Canada
Through its substantial number of branch locations, the online banking portal and individual vendors of products RBC can offer a wide variety of financial instruments to both individuals and businesses. The bank handles everything from student loans, credit cards, lines of credit and checking options for people who want the convenience of functionality and diversification from their bank. They also have the option to select from a wide variety of registered and non-registered investment vehicles that include mutual funds, GICs, term deposits and annuities. Customers can conveniently use RBC online services to stay updated on their financial position.
RBC has also developed a strong foothold in the insurance industry, and provides individual clients with an array of insurance products for estate planning needs. Having a number of RBC products means that individual banking clients and investors have the ability to easily move funds between accounts and get all of the information that they need in one place.
The bank also offers investment advice and information for both individuals and businesses. Professionals with the knowledge of Canada’s tax system and changes brought about by Federal budgets are available to help people make wise decisions about their money. RBC is a member of CDIC so many of the investment vehicles or banking options that you choose will be protected against a failure of the bank. Because of its vast size and diversity in a number of markets, it is not likely that RBC is going to fail anytime soon. It is much more likely that it will continue to be the leader in the Canadian Financial market.