- Business
- Royal Bank of Canada (RY on TSX and NYSE; RBCPF OTC), one of North America's largest diversified financial services companies and Canada's biggest bank by market capitalization, provides personal and commercial banking through RBC Royal Bank; wealth management and global asset management; insurance products including life, health, travel, home, auto, reinsurance, creditor and business insurance; investor services encompassing clearing, custody and treasury services; and capital markets products and services via RBC Capital Markets to over 18 million clients worldwide. Founded in 1864 in Halifax, Nova Scotia, as the Merchants Bank of Halifax and renamed Royal Bank of Canada in 1901, the company maintains its corporate headquarters at Royal Bank Plaza in Toronto and its registered head office at Place Ville-Marie in Montreal. It operates primarily in Canada with 1,284 branches serving 11 million clients, in the United States through subsidiaries like City National Bank with 79 branches across 11 states and cross-border banking services, and in 27 other countries including the Caribbean region where it offers banking, wealth management, corporate and investment banking, insurance, trust and asset management across 10 countries and territories with 127 branches. RBC targets individuals, small businesses, commercial entities, corporations, institutional investors and governments. In March 2024, RBC completed its C$13.5 billion acquisition of HSBC Bank Canada, the largest bank acquisition in Canadian history, adding 780,000 clients and 4,500 employees while committing C$7 billion to affordable housing financing as a regulatory condition. The bank pursues further US expansion through targeted acquisitions of wealth management firms focused on client acquisition and sweep deposits, joined BDC's Community Banking partners in its $800M Business Accelerator Loan Program in 2025 to enhance financing for small businesses, and provided a $25.8 million project finance facility to SolarBank Corporation in December 2024 for two battery energy storage projects in Ontario, aligning with its goal to triple renewable energy lending to $35 billion by 2030.