Royal Bank of Canada

Financial Terms Canada -> Royal Bank of Canada

Royal Bank of Canada was founded 1864 in Halifax, Nova Scotia by several prominent Halifax merchants, under the name of Merchants Bank. The name of the bank was changed to "The Royal Bank of Canada" in 1901, which reflected its rising influence. The bank made a minor change to its name in 1990, and its legal name now is Royal Bank of Canada.

Royal Bank of Canada is the biggest and most influential Canadian bank. The bank become the largest Canadian bank for the first time in 1920, but in the next 20 years it moved between 1st and 2nd position, switching its biggest Canadian rival Bank of Montreal (BMO). In 1941 the bank emerged as a clear winner and since then has been the top Canadian bank. The bank has been headquartered in Toronto, Ontario since 1976.

Royal Bank of Canada has over 65,000 employees worldwide and was recognized in 2007 as one of the 100 most powerful brands in the world. The bank is a major Canadian employer and is one of the most respected Canadian corporations.