Enterprise Risk Management at Royal Bank of Canada
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Case Details:
Case Code : ERMT-017
Case Length : 13 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : Royal Bank of Canada
Industry : Banking
Countries : Canada
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction
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RBC (Royal Bank of Canada) a leading Canadian bank belonging to the RBC
Financial Group had five business segments: RBC Banking, RBC Insurance, RBC
Investments, RBC Capital Markets and RBC Global Services. RBC Banking offered
services such as deposit accounts, investments, mutual funds, financial
planning, credit and debit cards, loans and residential and commercial
mortgages. RBC Insurance provided creditor, life, health, travel, home, auto and
reinsurance products and services. RBC Investments offered full-service and
self-directed brokerage, financial planning, investment counseling, personal
trust, private banking and investment management products and services.
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RBC Capital Markets provided wholesale financial services to large corporate,
government and institutional clients. RBC Global Services offered specialized
transaction processing services to business, commercial, corporate and
institutional clients in domestic and select international markets. In 2002, RBC
generated total revenues of C$ 15,770 million and a net income of C$ 2898
million.
Besides its more than 1,100 domestic locations, RBC had about 100 offices in the
Caribbean and some two dozen additional countries.
Its US operations included brokerage firm RBC Dain Rauscher and RBC Centura
Banks, which operated some 250 branches in the Southeast.
RBC had been attempting to increase its presence outside Canada, particularly in
the US, where it also owned Chicago-based mortgage lender RBC Mortgage and South
Carolina-based Liberty Life Insurance. RBC Centura Banks gave RBC Financial a
presence in the technology-rich Research Triangle Park area in North Carolina.
RBC had also bought Atlanta-area bank, Eagle Bancorp.
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Background Note
The origin of RBC went back to the creation of Merchants Bank in 1864 in
Halifax, Nova Scotia, a port city bustling with trade. After being incorporated
in 1869 as Merchants Bank of Halifax, the bank added branches in eastern Canada.
Merchants opened a branch in Bermuda in 1882. Gold strikes in Canada and Alaska
in the late 1890s pushed it into western Canada. The name, Royal Bank of Canada
was coined in 1901. RBC moved into its new Montreal headquarters in 1907 and
grew by purchasing such banks as Union Bank of Canada (1925). |
RBC faltered during the Depression but recovered during the Second World War.
After the war, RBC financed the expanding minerals and oil and gas industries.
When Castro took power in Cuba, RBC tried to operate its branches under
communist rule but sold out to Banco Nacional de Cuba in 1960.
Enterprise Risk Management at Royal Bank of Canada
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