Royal Bank of Canada

About Royal Bank of Canada

Founded in Halifax, Nova Scotia, in 1864 to finance the timber and shipping trades. RBC moved its headquarters to Montreal and then Toronto. The bank expanded internationally, particularly in the Caribbean where it became the dominant bank in many islands. RBC acquired various Canadian financial institutions including Royal Trust. RBC is the largest bank in Canada by market capitalization and one of the largest in North America. The bank was fined 1 billion for violating US sanctions in 2022. RBC acquired HSBC Canada in 2023 for 10 billion, consolidating its dominance of Canadian banking. The bank is a major employer in Toronto.