SWIFT Code ROYCCAT2XXX: What is Royal Bank of Canada

Ⅰ. History of Royal Bank of Canada

Royal Bank of Canada (RBC) is one of Canada's private banks with the highest market capitalization and largest assets. Its history can be traced back to the mid-19th century, and the following is a detailed overview of its development:

1. Early Founding and Expansion

RBC's predecessor was the Merchants Bank of Halifax, founded in 1864 in Halifax. It provided financing services for the local fishing and lumbering industries. 1869 saw the bank receive its federal charter, marking its official status as a bank. In the late 19th and early 20th centuries, RBC began to expand rapidly, and in 1882 it took its first steps toward internationalization by opening branches in Bermuda and Newfoundland. After that, the bank merged and reorganized with other Canadian banks to expand its business in Canada.

2. Diversification in the 20th century

In the 20th century, RBC continued to diversify its business through mergers and acquisitions and technological innovations. During this phase, RBC enhanced its leadership in technological innovation. It installed the first computer in the Canadian banking industry. It also merged with bond companies and trust companies to further expand its wealth management and trust businesses, and began its transformation into a global financial services provider.

3. Recent Development and International Expansion

In 1998, RBC acquired Security First Network Bank in Atlanta, USA, the first pure Internet bank, marking its placement in the digital space In December 2023, RBC received approval from the Canadian Minister of Finance for the acquisition of HSBC's Canadian operations, and closed the transaction in 2024, further strengthening its position in the Canadian market.

Ⅱ. Current Status

As of 2024, RBC is one of the largest banks in Canada and one of the largest in the world by market capitalization. With businesses spanning personal and commercial banking, wealth management, insurance, investment services and capital markets, RBC operates in 36 countries and territories, with approximately 94,800 employees serving more than 17 million customers. Through continued strategic acquisitions, technological innovation and international expansion, RBC has not only strengthened its leadership position in the Canadian market, but has also gained a significant foothold in the global financial markets.

Ⅲ. Royal Bank of Canada's global reach

1.Personal and Business Banking

RBC offers a full range of banking services to personal and business clients, including savings accounts, checking accounts, loans, credit cards and digital banking services. In North America, RBC has an extensive network of branches in Canada and the United States that support the everyday financial needs of individuals and businesses. In the U.S., RBC offers U.S. dollar account services to support businesses with cross-border payments and funds management. In Europe, RBC offers account services in major currencies. In Asia Pacific, RBC has operations in China, Hong Kong, Australia, New Zealand, Singapore and Vietnam, providing account services in U.S. dollars, euros, and local currencies to support businesses' operations in the region. In addition, RBC provides cross-border payment and funds management services to businesses in Latin America through partnerships and branch offices.

2. Wealth Management and Asset Management

RBC provides wealth management services globally in the areas of investment advisory, retirement planning and asset management. With a presence in Canada, the U.S., Europe and Asia-Pacific, RBC Wealth Management provides customized financial solutions for high net worth and ultra-high net worth clients. rBC Wealth Management services also include professional support in the areas of legal, tax, insurance and accounting to help clients grow their wealth over the long term. In addition, RBC Global Asset Management offers investment solutions in both equity and fixed income asset classes to meet clients' diversified investment needs.

3. Capital Markets and Investment Banking

RBC plays an important role in global capital markets, providing services such as equity and bond underwriting, corporate finance, and M&A advisory. Its capital markets business covers North America, Europe and the Asia-Pacific region, supporting the financial needs of corporate and institutional clients around the world.RBC Capital Markets, as a leading global investment bank, also provides fixed income, commodity sales, currency and equity trading services. In addition, RBC provides mergers and acquisitions advisory services globally to help clients complete strategic transactions.

4. Investor and Treasury Services

RBC provides specialized asset custody, payment and treasury services to financial institutions around the world to support their asset management and liquidation needs. Its investor and treasury services include asset custody, payment solutions and treasury management to help clients optimize the efficiency of their capital operations.

5. Digital Banking and Innovation

RBC is a leader in digital banking, offering an advanced online and mobile banking platform. Its digital services include mobile payments, digital wallets and smart investment services that support clients in managing their finances anytime, anywhere.RBC strengthens its position as a leader in digital financial services by continuously innovating to enhance the client experience.

6. Global Presence

RBC's global business network covers North America, Europe, Asia Pacific and Latin America. In North America, RBC has strong market positions in Canada and the U.S.; in Europe, RBC has operations in Austria, Belgium, France, Germany, Italy, the Netherlands, Portugal, Spain, Switzerland, and the U.K.; in Asia-Pacific, RBC serves clients through its Capital Markets and Wealth Management businesses; and in Latin America, RBC supports the cross-border business needs of corporations through partnerships and branches. cross-border business needs.