Indepth Report

Royal Bank of Canada

The Royal Bank of Canada is one of the largest banks in all of Canada. It has many banks across Canada and also it now has banks in the United States, besides the Minnesota-based Dain Rauscher The Royal Bank of Canada has many U.S operations. RBC has Personal and Business banking in North Carolina; an insurance and financial office in South Carolina; a corporate investment banking business and wealth management offices in New York, Florida, Texas and California. RBC also has banks that are international.
RBC is still expanding with the purchase of Ferris Baker, a States banking company that will deal with the investment part of banking. The bank has had some financial problems in the past but the strong dollar isn’t affecting them al all. It is able to be used to their advantage because they get money by giving away money. Then in the end they are making money since they have banks in Canada, United States, and many international banks. Which means that they are getting all types of income and it doesn’t matter since they are getting money from all over the world.
In 1864 Merchants bank founded in Halifax which one of the previous names for the Royal Bank of Canada. In 1869 the name was changed to Merchants’ Bank of Halifax, also in 1869 the federal charter was received. From 1870-1880’s the expansion of the Merchants’ Bank of Halifax to all across the Maritime Provinces. In international affairs the Bermuda office opened for the Merchants’ Bank of Halifax. In 1899 RBC opened an agency in New York and a branch in Havana. The Mew York branch was the first of many branches to appear in the U.S. In 1901 the Merchants’ bank of Halifax changed its name to The Royal Bank of Canada (RBC). In 1903-1904 RBC has 65 branches is Cuba and is the largest bank in the country. In 1907 RBC moved its Head Office from Halifax to Montreal and in 1910 RBC merged with the Union Bank of Halifax. From 1912-1925 RBC merged with five more banks across Canada. Then in 1961 the Royal Bank of Canada installed their first computer, which was also the first one in Canadian banking. And then by 2008 Royal Bank of Canada has branches of itself all over the world.
The Royal Bank of Canada has required American Guaranty and Trust. (AG&T) The RBC now has good financial trust solutions for wealthy American clients and so increasing the Royal Bank of Canada’s influence in the world-banking environment. RBC has now been given control of the American banking scene since they have been acquiring assets in the form of American banking companies. RBC has been a big influence in the banking business and now they have both Canada and the United States. Also they have many branches all over the world. The Royal bank of Canada is not thriving because of the recent strong dollar because they have so many branches in Canada and the United States that they are getting the same net income and sometimes even more income since the Royal Bank of Canada is receiving many different currencies they end up compensating for the loss in one country and turning it into a gain in another country.
The Royal Bank of Canada has concealed information about their fair lending and layoff responses. The Royal Bank of Canada in one of its many branches, which is located in North Carolina, has denied on average 4.44 Latino or African people to one Caucasian person. This is a discrimination that people are starting to notice. The Royal Bank of Canada has no knowledge of this or they are trying to prevent the company from becoming known as a company that discriminates against certain groups of people. The Latino and African people do not deserve this kind of treatment, especially from a bank. They should be treated like equals and not as just some thing that people do not have to bother with.
The Royal Bank of Canada has now come up with a new way for people to find out the latest news about them. They have created a blog. Their blog is located on their main website and is accessible to all RBC customers. It will allow people to discuss their financial well beings and also help people out with support on how to save their money and on how to cope with the ever changing prices in the global market and the TSX. Experts have said that the future of the Royal Bank of Canada will be a great one. They will be a great company in the future since they are able to get many types of income and make profit. They will be able to stay a great world contender in the banking market. With their ever-expanding branches, they are able to contribute to many countries and in turn, to many people. RBC will be one of the banks that will stay with us for a long time and soon will have branches all over this great world. So in time the Royal Bank of Canada will be one of the biggest banks in the world.