Royal Bank of Canada (TSX:RY) News and Share PriceFinancial
Royal Bank of Canada is a diversified financial institution that provides banking and investment-related services to households, corporates and commercial customers. The bank is headquartered in Toronto.
It operates through 54 offices in Canada, the United States, Australia, Asia, Japan, United Kingdom, France, Germany, Hong Kong etc. The bank reportedly has five million active mobile users.
Royal Bank of Canada, a chartered bank under the official Bank Act, operates under five broad segments:
• Personal and commercial banking: Provides multiple bank accounts, credit cards, personal and business loans etc.
• Insurance: Offers home, life, travel, health, retirement investment solutions.
• Wealth Management: RCB Wealth Management provides investment products, exchange-traded funds and alternative solutions.
• Investor and Treasury services: It provides solutions related to pension funds, sovereign wealth funds, private capital services etc.
• Capital Markets: RCB Capital Markets offers expertise in global investment banking, corporate banking, equity-linked products, leveraged finance, foreign exchange.
Founded by eight members as Merchants’ Bank in 1864, the Canadian bank was incorporated in 1869. A few years later, in 1901, the bank was renamed as Royal Bank of Canada.
In partnership with Alliance Data’s Bread, the bank offers pay-over-time and end-to-end solutions to consumers and merchants.
Through the RBC Future Launch, the bank claims to provide employment and skill-enhancement opportunities to millions of youth in Canada.
RBC client relief program aims to provide credit card, mortgage and loan relief to customers.
The bank claims to have donated around C$ 11 million towards COVID-19 relief efforts. In addition, in partnership with more than 70 brands, the bank launched a nationwide movement, Canada United, to support local businesses affected during the pandemic.
The bank has a set of codes and public commitments to protect consumers and provide them with informed choices, including powers of attorney and joint deposit accounts, mortgage prepayment information, debit cards etc.
Royal Bank of Canada RBC WaterPark Place, 16th floor 88 Queens Quay West Toronto, ON, M5J 0B8