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Rbc: History And Sustainability Essay

1064 words - 4 pages

The Royal Bank of Canada, if you couldn't tell, is a Canadian company. It is the largest financial institution in Canada. It started as the Merchants' Bank in Halifax, Nova Scotia, which was founded in 1864 by a small group of enterprising Halifax merchants: J.W. Merkel, Edward Kenny, T.C. Kinnear, John Duffus, William Cunard, John Tobin, George P. Mitchell, Jeremiah Northup. The Merchants' Bank focused mainly on financing the fishing and timber trade, and the annual flow of retail goods from Europe into the colony. The bank then received a federal charter in 1869 under the name of the Merchants' Bank of Halifax. As the bank continued to grow, they chose the name “The Royal Bank of Canada” in 1901 to distinguish themselves from other banks. Then in 1990 they shortened their legal name to “Royal Bank of Canada”. The Royal Bank of Canada, now operates under the adopted brand name of "Royal Bank Financial Group" or RBC.
Royal Bank, wanting to expand to more parts of the world, established a branch in Havana in 1899 to take advantage of trade in sugar, cocoa, tobacco, and other Caribbean staples. This started the steady expansion of Royal Bank throughout the Caribbean and Latin America. The bank expanded to 121 international branches, stretching from Rio de Janeiro in the south to Honduras in Central America by 1925. They then established branches in London, Paris, Barcelona and New York to improve trade financing and foreign exchange with the Caribbean and South America. Under the leadership of John E . Cleghorn from 1995 to 2011, Royal Bank transformed into a broad-based financial services group. To expand further into America, they started listing common shares on the New York Stock Exchange in 1995. They also acquired Security First Network Bank, the world's first Internet bank, to bring a larger range of e-business services to their customers. They also purchased many other financial institutions that were already established in the US to enhance their retail banking, brokerage, and insurance operations.
The current day RBC Financial group is broken up into five different operations. RBC Banking is the meat and potatoes of the bank's operations. It provides over 11.5 million clients with banking services, lines of credit, financial advice, and lends out mortgages. RBC Insurance offers life, health, travel, and homeowner's insurance to over 5 million clients worldwide. RBC Investments addresses the wealth management needs of individuals by providing brokerage services, investment counseling, and financial planning. RBC Capital Markets provides investment banking, equity and debt financing, and treasury management services for corporate clients. RBC Global Services is a provider of transaction processing services that offers solutions for investment administration, correspondent banking, cash management, payments, and trade finance.
RBC spends a lot of time and money to decrease their environmental impacts. Their commitment to environmental...

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