Misplaced Pages

#962037

45-781: In Canada, the bank's personal and commercial banking operations are branded as RBC Royal Bank in English and RBC Banque Royale in French and serves approximately 11 million clients through its network of 1,284 branches. RBC Bank is a US banking subsidiary which formerly operated 439 branches across six states in the Southeastern United States , but now only offers cross-border banking services to Canadian travellers and expats. RBC's other Los Angeles -based US subsidiary City National Bank operates 79 branches across 11 US states. RBC also has 127 branches across seventeen countries in

90-647: A Dunmore Homes official, is still owed $ 39 million. As collateral , it has secured claims against those projects. But the company says the value of a Fresno project is less than the outstanding loan balance . Nine major lenders, including RBC, are owed a combined total of $ 196 million on Dunmore Homes' 26 new-home communities, according to the builder. On June 19, 2011, PNC Financial Services agreed to buy RBC Bank USA from Royal Bank of Canada for $ 3.45 billion. The sale of RBC Bank closed in March 2012. Upon acquisition, all RBC Bank branches were rebranded as PNC branches and

135-678: A cost of $ 80 million. In June 2006, the RBC Center hosted the NHL's Stanley Cup Finals, and on June 19, 2006, the Carolina Hurricanes defeated the Edmonton Oilers in the arena to win the Stanley Cup . PNC acquired the naming rights with the purchase of RBC, and the name changed to PNC Arena on March 15, 2012. At the time PNC acquired RBC, it had a total of 5,000 employees with 500 located in

180-411: A deal which would see RBC acquiring 100% of the common shares of HSBC Canada for an all-cash purchase price of $ 13.5 billion, a multiple of 9.4 times HSBC Canada's estimated 2024 earnings. Completion of the transaction is expected by late 2023, subject to regulatory approvals. In December 2023, RBC received approval from Finance Minister Chrystia Freeland to take over HSBC Bank in a deal. Conditions for

225-750: A yearly Canadian Women Entrepreneur Award. In July 2013, the RBC Foundation partnered with the University of Toronto to revive the Siminovitch Prize in Theatre , given to recognize achievement in Canadian theatre. RBC is one of Canada's largest sponsors of amateur sports and is the longest-running Canadian sponsor of the Olympic Games . It employs dozens of top-tier amateur athletes as part-time spokespeople through

270-559: Is the trading name of RBC Bank (Georgia), N.A. , the United States –based retail banking division of the Royal Bank of Canada (RBC) which is targeted toward Canadian snowbirds , expatriates , and frequent tourists. Despite its limited reach, RBC Bank is a federally chartered bank , thus its trading name bears "N.A." letters. The brand name was originally used by RBC Bank USA (formerly RBC Centura ), formed in 2001 when RBC acquired

315-664: Is the largest Canadian bank-owned insurance organization, with services to over five million people. It provides life, health, travel, home and auto and reinsurance products as well as creditor and business insurance services. The completion of Royal Bank Plaza in Toronto in 1976 saw the relocation of many critical head-office functions from Montreal, with Toronto serving as RBC's corporate headquarters ever since. In 1993, RBC merged with Royal Trust . In 1998, RBC acquired Security First Network Bank in Atlanta—the first pure Internet bank. In

360-581: The Bank of Montreal 's to form Moneris Solutions. In 2013, RBC completed the acquisition of the Canadian subsidiary of Ally Financial . An RBC branch in The Glebe neighbourhood of Ottawa was firebombed in May 2010. The party responsible later identified themselves on Independent Media Center and threatened to make their presence at the upcoming 2010 G20 Toronto summit . In November 2022, RBC and HSBC Canada announced

405-597: The CBC reported that the Royal Bank of Canada was indirectly hiring temporary foreign workers to replace 45 Canadian information technology workers. The CBC reported on May 7, 2013 that, during Question Period in Parliament, the NDP leveled accusations against the government and then Prime Minister Stephen Harper . Harper responded that the government has been working on problems with

450-630: The Canada Deposit Insurance Corporation , a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of: The office of Chairman of the Board was created in October 1949 for outgoing president Sydney Dobson. Until 2001, the chairmanship was given to the current or former president. After John Cleghorn's retirement in 2001, the chairmanship was made a separate, non-executive position. RBC Bank RBC Bank

495-865: The Canadian Prairie was further expanded by the 1925 merger with the Union Bank of Canada , which had begun in Quebec City in 1865 as the Union Bank of Lower Canada, but changed its name in 1886. The Union Bank of Canada had moved its headquarters to Winnipeg in 1912, and had built a strong presence in the Prairies and opened the first bank in the Northwest Territories at Fort Smith in 1921. In 1935, RBC merged with Crown Savings and Loan Co. merged with Industrial Mortgage & Trust Co. RoyWest Banking Corporation

SECTION 10

#1732852792963

540-772: The RBC Olympians program. RBC is a former premier sponsor of Hockey Canada and previously owned the naming rights to the National Junior A Championship , then called the Royal Bank Cup (later the RBC Cup). In addition, it supports Canadian hockey at the grassroots level through the RBC Play Hockey program. RBC owns naming rights to the RBC Centre , RBC Convention Centre Winnipeg , RBC Canadian Open , and RBC Heritage (formerly

585-682: The RBC Plaza , now PNC Plaza, in 2008, was not the first major move by RBC to become a major part of the community in Raleigh, NC . In 2002, RBC purchased the naming rights for the Raleigh Entertainment & Sports Arena , home to the Carolina Hurricanes of the National Hockey League and North Carolina State University basketball. The arena became the RBC Center , with a 20-year lease at

630-655: The Raleigh, North Carolina –based Centura Bank . In 2012, RBC Bank USA's banking division for American clients was sold to PNC Financial Services while RBC's cross-border banking services for Canadians were transferred to the newly incorporated RBC Bank (Georgia), N.A. subsidiary. RBC then acquired Los Angeles –based City National Bank in 2015 to serve American clients. On November 2, 1990, Peoples Bancorp and Planters Corp., of Rocky Mount , North Carolina, merged to form Centura Bank . In June 2001, Royal Bank of Canada acquired Centura Banks and rebranded them as RBC Centura. RBC announced on January 17, 2008, that it would abandon

675-593: The Sierra Club and Rainforest Action Network found that RBC was the fifth largest funder of fossil fuels in the world, and largest in Canada, investing over US$ 160 billion on fossil fuel projects since the Paris Agreement in 2015. This sparked criticism from environmental groups and climate activists. A more recent 2023 report from a coalition of environmental group places RBC as the largest financier of fossil fuel in

720-736: The "Centura" brand in April 2008 and the unit would operate as RBC Bank. Over 1000 employees continued to work in Rocky Mount as of 2011, in such areas as information technology and mortgage processing . RBC Centura purchased Tucker Federal Bank parent company Eagle Bancshares in 2002, giving it a more substantial customer base in the Atlanta area after its 1998 purchase of Security First Network Bank which had only one office. The bank merged with Flag Bank, increasing its presence in Georgia. RBC continued to grow in

765-470: The Caribbean, which serve more than 16 million clients. RBC Capital Markets is RBC's worldwide investment and corporate banking subsidiary, while the investment brokerage firm is known as RBC Dominion Securities . Investment banking services are also provided through RBC Bank and the focus is on middle market clients. In 2011, RBC was the largest Canadian company by revenue and market capitalization. In 2023,

810-647: The Heritage Classic). From 2002 to 2012, RBC previously held the naming rights to what is now the PNC Arena in Raleigh, North Carolina . RBC has owned naming rights for the Top 25 Canadian Immigrants Award, presented annually by Canadian Immigrant , since 2013. The head office for the institution was initially located at the Merchants' Bank of Halifax Building, on Bedford Row, Halifax , Nova Scotia . The building served as

855-519: The Merchants Bank of Halifax changed its name to the Royal Bank of Canada (RBC). The centre of the Canadian financial industry had moved from Halifax to Montreal , so the Merchants Bank relocated its head office there. In 1910, RBC merged with the Union Bank of Halifax . In the same year it built a bank branch in Winnipeg , Manitoba, designed by Carrère and Hastings , in beaux-arts classicism proclaiming

900-525: The Merchants' Bank was officially incorporated and received its federal charter in the same year. During the 1870s and 1880s, the bank expanded into the other Maritime Provinces . When both the Newfoundland Commercial Bank and Union Bank of Newfoundland collapsed on December 10, 1894, the Merchants Bank expanded to Newfoundland on January 31, 1895. As the bank grew, executives changed its name to reflect its growth and western expansion. In 1901,

945-457: The RBC Bank brand became dormant for US customers. RBC Insurance, RBC Wealth Management and RBC Investing remained subsidiaries of RBC. RBC later returned to offering retail banking services to American customers with its acquisition of Los Angeles –based City National Bank in 2015. Royal Bank Plaza Royal Bank Plaza is a skyscraper in Toronto , Ontario , Canada that has served as

SECTION 20

#1732852792963

990-604: The Raleigh area. In November 2007, RBC Centura was involved in the "Dunmore Homes" project in Sacramento , California , that stopped all construction on August 8, 2007, due to liquidity issues with the home builder. The company was subsequently sold to a mortgage loan officer for $ 500 and quickly incorporated in New York . The company filed for bankruptcy in Manhattan . After details of

1035-689: The Royal Bank name to RBC in August 2001 coincided with their expansion into the United States market. The direction of the lion, now further simplified, was reversed, the crown above omitted, and both the symbol and wordmark were placed within a blue shield. RBC sponsors cultural events including the Toronto International Film Festival . It also sponsors the RBC Taylor Prize , a literary award for non-fiction writing in Canada, and hosts

1080-515: The Royal Bank of Canada fired several traders in its corporate bond business, after another trader accused them of mismarking bonds the bank held by overpricing them, and marked down the values of the bonds and recognized $ 13 million of trading losses relating to the bonds. The bank said it investigated the accusations, and took remedial action. The Globe and Mail noted: "traders might have an incentive to boost [the bonds'] prices because it could have an impact on their bonuses." In April 2013,

1125-581: The Royal Bank, Royal Bank Plaza also contains a shopping concourse which is part of the PATH network, linking directly to the TD Centre as well as Union Station , Brookfield Place (BCE Place) and the Fairmont Royal York . The concourse merchants mall and tower lobbies underwent extensive renovations between 2005 and 2007. The building was constructed with a large atrium above the main banking hall that linked

1170-632: The Southeast after acquiring 39 branches of Birmingham, Alabama -based AmSouth Bank on March 9, 2007. Previously, RBC Centura had no locations in Alabama. RBC's footprint in Alabama, Georgia, and Florida expanded significantly after its acquisition of Alabama National BanCorporation (ANB). RBC received U.S. approval February 5, 2008, and on April 14, 51 branches re-opened as RBC Bank. The remaining branches re-opened by June 2008. ANB operated in three states through eleven different subsidiaries. Construction of

1215-623: The Temporary Foreign Worker Program for more than a year. On December 29, 2022, the Supreme Court of Ontario certified a class action lawsuit permitting employees of RBC Dominion Securities to seek $ 800 million in damages, over alleged unpaid wages for holidays and other vacation days. RBC is a member of the Canadian Bankers Association which includes Canada's Big Five banks, and is a registered member with

1260-517: The US dollar payment system to limit terrorism and money laundering after the September 11, 2001, attacks . RBC replied that compliance with such laws does not represent an endorsement by the bank and on January 17, clarified its position on the application of the US laws, specifying that "with some exceptions" it does open accounts for dual citizens of the sanctioned countries. There have also been reports that

1305-588: The bank had closed the accounts of some Iranian-Canadian citizens. According to a report by Rainforest Action Network , RBC's financing of oil sands bitumen extraction and expansion amounted to "more than $ 2.3 billion in loans and financing [of] more than $ 6.9 billion in [corporate] debt between 2003 and 2007 for 13 companies including: Encana , Husky Energy , OPTI Canada , Delphi Energy, Canadian Oil Sands Trust , Northwest Upgrading, Suncor , TotalEnergies , Connacher Oil and Gas , InterPipeline and Enbridge ". A 2020 report on fossil fuel finance by

1350-554: The company was ranked 38th in the Forbes Global 2000 . The company has operations in Canada and 36 other countries, and had CA$ 1.01 trillion of assets under management in 2021. In 1864, the Merchants Bank of Halifax was founded in Halifax, Nova Scotia , as a commercial bank that financed the fishing and timber industries and the European and Caribbean import/export businesses. By 1869

1395-558: The corporate headquarters for the Royal Bank of Canada since 1976. The building shares with the Fairmont Royal York Hotel the block in Toronto's financial district bordered by Bay , Front , York, and Wellington streets. It is owned by Pontegadea. The building was built to be the new main office of the Royal Bank of Canada after its decision to move its centre of operations from Place Ville Marie in Montreal to Toronto in

Royal Bank of Canada - Misplaced Pages Continue

1440-471: The deal include that none of HSBC Canada's 4,000 employees will be laid off within six months of the closing date or two years for direct staff, and banking services will be provided at 33 HSBC branches for at least another four years. RBC will also provide $ 7 billion in financing for affordable housing developments in Canada . The bank's first modern identity was designed by firm Lippincott & Margulies , and

1485-716: The financial dominance of Winnipeg in the prairies. To improve its position in Ontario , RBC merged with Traders Bank of Canada in 1912 and in 1917 RBC merged with Quebec Bank , which was founded in 1818 and chartered in 1822 in Quebec City . RBC's presence in Manitoba and Saskatchewan was strengthened through a 1918 merger with Northern Crown Bank, the product of the 1908 merger of Northern Bank (established in 1905 in Winnipeg) and Crown Bank of Canada (1904), based in Ontario . RBC's presence in

1530-820: The head office for the bank from 1864 to 1907. In 1907, the RBC relocated its head office to the Four Pillars Building, at 147 Saint Jacques Street (renumbered 221 in 1928), Montreal. The building was used as RBC's head office until 1928. The Four Pillars Building was later demolished, with only its facade remaining. In 1928, RBC moved its head office to the Old Royal Bank Building , at 360 Saint Jacques Street , Montreal. In 1962, RBC moved its head office to Place Ville-Marie , at University Street and René-Lévesque Boulevard in Montreal . In 1976, RBC completed Royal Bank Plaza , at 200 Bay Street , Toronto, and shifted

1575-465: The late 1970s, although Place Ville Marie remains the bank's head office (a distinct title from its corporate headquarters). Royal Bank Plaza consists of a South Tower and a North Tower. The South Tower, a skyscraper , is the taller of the two at 180 m (591 ft); the North Tower has a height of 112 m (367 ft). The structures each have a triangular footprint and sit on opposing corners of

1620-488: The latter receiving preferential treatment including a promotion and compensation increases. On January 15, 2007, CBC Radio reported RBC was "refusing" to open US dollar accounts for people of certain nationalities. Canadian citizens with dual citizenship in Cuba, Iran, Iraq, Myanmar, North Korea or Sudan (mostly countries with US sanctions) were affected. The US Treasury Department restricts certain foreign nationals from using

1665-516: The majority of its critical head-office functions from Montreal to Toronto. The Royal Bank of Canada presently operates two headquarters, with its corporate headquarters at Royal Bank Plaza and its head office based at Place Ville-Marie. Most of its management operations are based in Toronto. On April 5, 2024, RBC terminated CFO Nadine Ahn and Ken Mason (vice president and head of capital and term funding) over an undisclosed personal relationship that led to

1710-466: The piers. The double-height entry is also recessed from the facade and covered in dark-tinted glass set into dark aluminum frames. The glass for the body of the building was manufactured by Canadian Pittsburgh Industries and was coloured using 2,500 oz (71,000 g) of gold , valued at CA$ 70 per pane at the time of installation. In addition to office space and the Toronto Main Branch of

1755-511: The sale became known to RBC Centura Bank, a major Dunmore Homes creditor , the bank sued on November 7. The company alleged in a lawsuit filed in Fresno County that the sale of all the assets for a mere $ 500 was not adequate and was done to "hinder, delay and defraud the creditors," including RBC. RBC financed four Dunmore projects from Bakersfield to Yuba City . It loaned Dunmore Homes a total of $ 105 million and, according to an affidavit by

1800-700: The same year, the Royal Bank of Canada proposed to merge with the Bank of Montreal , at the same time as the Toronto-Dominion Bank proposed to merge with the Canadian Imperial Bank of Commerce . Both mergers were examined by the Competition Bureau of Canada, and ultimately rejected by Paul Martin , at the time the Finance Minister of Canada, and future Prime Minister . In 2000, RBC merged merchant credit/debit card acquiring business with

1845-405: The square site. The exteriors of the structures are largely covered with gold-bronze glass with tan granite accents. Together, both towers contain more than 14,000 windows which project from the facade to form angular bays set into brushed aluminum frames. Six bays are grouped between piers which are covered in the same glass. The upper stories are recessed and contain three larger angled-bays between

Royal Bank of Canada - Misplaced Pages Continue

1890-422: The two towers, but in the 1990s a trading floor was added, closing the open space. The bank maintains a presence in a number of other towers in the downtown core, including the Royal Bank Building at 20 King Street West adjacent to Scotia Plaza , the RBC Centre at 155 Wellington Street West, and the building complex at 310, 315, 320 and 330 Front Street West, next to the Metro Toronto Convention Centre , which

1935-421: The world in 2022, investing US$ 42 billion in fossil fuel projects in that year alone. RBC invested in SCO Group during the series of court cases seeking to collect royalties from the users of Linux . In 2014, the Commodity Futures Trading Commission fined RBC $ 35,000,000 for engaging in more than 1,000 wash sales, fictitious sales, and other non-competitive practices over a three year period. In 2007,

1980-525: Was formed in Nassau, Bahamas in 1965, to undertake medium-term lending and trustee business in the British West Indies . Majority owned by seven firms, including RBC and Westminster Bank , sole ownership transferred to National Westminster Bank in 1987. RBC installed its first computer in 1961, the IBM 1401 , the first to do so in Canadian banking. In the 1960s, RBC Insurance was created. In 1968, it merged with Ontario Loan and Debenture Company (formerly Ontario Savings and Investment Society). RBC Insurance

2025-521: Was introduced in January 1962. From this point forward the bank's logo has contained the same basic element of a stylized lion clutching a globe, becoming more simplified with each iteration. Alongside promotion of the Royal Bank Plaza , a tweaked version of the mark by Montreal design consultancy Gottschalk + Ash silently debuted in June 1979. The same basic form was retained, however many lines were thickened and details simplified to facilitate printing at small sizes. The total brand overhaul and shortening of

#962037