Royal Bank of Canada is the leading bank in Big Five banks in Canada and is based at Toronto like remaining banks in Big Five group.
Founded in 1864 with bank number 003, Bank of Canada is one of the oldest banks in Canada. Headed by David I McKay, bank caters needs of 16 million clients worldwide and has around 78000 employees at branches in world, it handles personal and commercial banking operations in Canada by serving through network of 1209 branches.
Investment and corporate banking operations are managed by bank’s subsidiary known as RBC Capital Markets worldwide. RBC Insurance handles bank’s insurance products providing services to 5 million people.
There is a long standing merger of RBC and Bank of Montreal along with merger of CIBC and Toronto-Dominion Bank, four of the Big Five of Canada. The banks argued that this will help them compete globally. But finance ministry has not allowed these mergers since 1998 which some think as the major reason of significantly less effect of 2008 financial crisis on Canada.
Global & Mail has listed RBC as the largest Canadian company by revenue and & market capitalization with operations spread in Canada and 40 other countries. Like many of its competitors, RBC is a key sponsor of many events including Toronto International Film Festival.
Being a key member in Canada’s banking system, RBC is a member of Canada Deposit Insurance Corporation which insures all the deposits by Canada’s chartered banks.