is about the canadian bank . for the former american subsidiary see rbc bank . royal bank of canada type public traded as tsx ry nyse ry six ry industry financial services founded halifax nova scotia 1864 ; 152 years ago 1864 headquarters toronto ontario canada 1 2 montreal quebec canada key people david i. mckay president & ceo revenue c 35.321 billion 2015 net income c 10.026 billion 2015 total assets c 1 074.208 billion 2015 number of employees 72 839 fte 2015 subsidiaries city national bank website rbc.com the royal bank of canada rbc ; french banque royale du canada is a canadian multinational financial services company and the largest bank in canada . the bank serves over 16 million clients and has 78 000 employees worldwide . 3 the company corporate headquarters are located in toronto ontario . 3 2 the bank was founded in 1864 in halifax nova scotia . rbc s institution number or bank number is 003 . 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 ten million clients through its network of 1 209 branches . rbc bank was the u.s. banking subsidiary with 439 branches across six states in the southeast which served more than a million customers . 4 rbc also has 127 branches across seventeen countries in the caribbean which serve more than 1.6 million clients . 5 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 . rbc is listed as the largest canadian company by revenue and market capitalization by the globe and mail 6 and was ranked at 50 in the 2013 forbes global 2000 listing . 7 the company has operations in canada and 40 other countries 8 and has 673.2 usd bn of assets under management according to the scorpio partnership global private banking benchmark 2014 this represented an increase of 5.6 % on the 2013 figure . 9 contents 1 timeline 2 rbc insurance 2.1 international timeline 3 logo 4 corporate governance 5 history of head offices 6 awards and recognition 7 sponsorship 8 controversies 8.1 merger 8.2 discrimination 8.3 environment 8.4 2010 ottawa branch firebombing 8.5 temporary foreign workers and canadian layoffs 9 memberships 10 see also 10.1 gallery 11 references 12 further reading 13 external links 13.1 official sites 13.2 historical bank notes timeline edit this article contains embedded lists that may be better presented using prose . you can help by converting the list or lists to prose if appropriate . editing help is available . january 2013 learn how and when to remove this template message place ville marie the rbc headquarters in montreal quebec the royal bank plaza building in toronto ontario the royal centre tower in downtown vancouver s financial district tour de la banque royale in montreal quebec which housed the head office from 1928 to 1962 . thomas d arcy mcgee building rbc s office in ottawa 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 . 10 by 1869 the merchants bank was officially incorporated and received its federal charter in the same year . 11 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 10 december 1894 the merchants bank expanded to newfoundland in 31 january 1895 . 11 as the bank grew executives changed its name to reflect its growth and western expansion . 10 in 1901 the merchants bank of halifax became the royal bank of canada.in 1901 the merchants bank changed its name to the royal bank of canada rbc . the center 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 carr re and hastings in beaux arts classicism proclaiming the financial dominance of winnipeg in the prairies . 12 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 in manitoba and saskatchewan was strengthened when through a 1918 merger with northern crown bank which was the result of the merger in 1908 between northern bank established in 1905 in winnipeg and crown bank of canada 1904 based in ontario . rbc presence in the prairie provinces was strengthened again with 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 . union bank of canada had moved its headquarters to winnipeg in 1912 and had built a strong presence in the prairies . in 1935 rbc merged with crown savings and loan co. merges with industrial mortgage & trust co. 13 rbc installed its first computer in 1961 the first in canadian banking . the rbc added new products throughout the 1960s and 1970s . it was at this time that rbc insurance was created . 10 in 1968 it merged with ontario loan and debenture company formerly ontario savings and investment society . 14 in 1993 rbc merged with royal trust . in 1998 the federal minister of finance see controversies below . in 1998 rbc acquired security first network bank in atlanta the first pure internet bank . 15 in 2000 rbc merged merchant credit debit card acquiring business with bmo bank of montreal s to form moneris solutions . in 2013 rbc completed the acquisition of the canadian subsidiary of ally bank owned by resmor trust . rbc insurance edit rbc insurance 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 . 10 rbc travel insurance offers plans with lower premiums through a widely used by not well known an excess or supplemental insurance with a first payer clause so the rbc carrier can legally seek cost sharing from the member s group coverage as first payer up to a certain percentage through the subrogation process . 16 any of our policies are excess insurance and are the last payers . all other sources of recovery indemnity payments or insurance coverage must be exhausted before any payments will be made under any of our policies . saltzman cbc 2016 this means that if a client makes a claim rbc will recover that amount from the member s private group health insurance provider for example 100 000 of the 200 000 total . this can become problematic if the member later has a serious illness because many private group health insurance providers have a lifetime maximum coverage amount 500 000 for example for its extended health plans . if the member purchases travel insurance from their own extended health care provider a claim would not have affected their lifetime maximum . 16 international timeline edit rbc royal bank has carved out a name for itself as a leader in the caribbean region especially in the anglophone caribbean . 1882 merchants bank of halifax opened an office in bermuda . 1899 rbc opened an agency in new york city and a branch in havana . 1903 rbc bought banco de oriente de santiago de cuba . by the mid 1920s rbc had 65 branches in cuba and is the largest bank in the country . 1904 rbc bought banco del commercio de havana . 1907 rbc opened a branch in san juan puerto rico ; branches in mayag ez and ponce followed . 1909 rbc established a branch in nassau bahamas . 1910 rbc opened a branch in london and acquired branches in puerto rico and port of spain trinidad as a result of its acquisition of union bank of halifax . 1911 rbc opened an agency in new york city and branches in bridgetown barbados and kingston jamaica . 1912 rbc bought bank of british honduras incorporated in 1902 by united states citizens from mobile in british honduras which it converted to a branch . rbc opened a branch in the dominican republic ; three more follow . 1913 rbc opened a branch in grenada . 1914 rbc bought out bank of british guiana est. 1836 in british guiana and converted it to a branch . 1915 rbc opened branches in costa rica antigua dominica and st. kitts . 1916 rbc opened a branch in venezuela . 1917 rbc opened branches in antigua dominica st. kitts montserrat nevis and tobago . 1918 rbc opened a branch in barcelona and another in vladivostok that lasted less than a year . 1919 rbc opened branches in brazil argentina uruguay paris martinique guadaloupe and port au prince haiti . 1920 rbc opened a branch in colombia and a branch in castries st lucia . 1923 rbc bought and consolidated the banking operations of pedro gomez mena e hijo in cuba . 1925 rbc opened a branch in peru and acquired the american owned and failed bank of central and south america . the purchase of bcsa brought with it subsidiaries and their branches in colombia costa rica peru and venezuela 1932 rbc closed its branch in st. lucia . 1940 rbc closed its branches in martinique and guadaloupe . 1959 rbc opened a branch in st. vincent . 1960 rbc returned to st. lucia . 1960 fidel castro s regime acquired the rbc s operations in cuba on 8 december . 11 at the time of the forced sale rbc had 24 branches in cuba . from 1961 to 1965 rbc maintained a special representative in havana to facilitate trade between cuba and canada . actually the special representative s primary function after the failed bay of pigs invasion in april 1961 was to act as a financial intermediary between the american and cuban governments to manage the ransoming of the prisoners for food and agricultural machinery . 1964 rbc opened a branch in george town grand cayman . 1970s as a result of law 75 rbc s operations in colombia became banco royal colombiano . 1973 rbc was forced to incorporate its operations in jamaica which became royal bank jamaica . 1980 rbc purchased banco de san juan in puerto rico adding its 14 branches to the six that rbc already had in puerto rico . rbc sold to republic bank of trinidad and tobago its assets in grenada . 1985 rbc started to withdraw from much of the caribbean . it sold its 12 branches in the dominican republic to banco de comercio dominicano . it also sold its stake in royal bank jamaica to jamaica mutual life assurance . the government of guyana nationalized its operations there and renamed the bank the national bank of industry and commerce ltd. 17 18 additionally rbc incorporated its operations in trinidad and tobago locally floating the shares thereby divesting itself of ownership . the new bank took the name royal bank of trinidad and tobago rbtt . 1986 rbc sold its two branches in haiti to societe generale haitienne de banque a local bank . 1987 rbc sold its operations in belize ex british honduras to belize holdings inc. which renamed them belize bank . 1993 rbc sold royal bank of puerto rico to spain s banco bilbao vizcaya . 1995 rbc sold royal