RBC begins operations

RBC was founded by well-established maritime merchants and began as the Merchants’ Bank of Halifax. A modern three-mast sailing ship with an auxiliary engine—allegedly belonging to one of the bank’s original directors, William Cunard—was a logical choice for the centerpiece of the bank’s first corporate seal.

Royal Trust opens Canadian custody

On November 24, 1899, The Royal Trust Company opened for business on Place d’Armes in Montreal. Beginning with a single staff member, the company owed part of its instant success to its strong board of directors—a turn-of-the-century who’s who, including Sir William Van Horne, C.R. Hosmer, T. Shaughnessy, W.W. Ogilvie, W. Macdonald and Lord Strathcona as President. By the end of its first year in business, Royal Trust had $1.5 million in assets under administration.

Royal Trust expands across Canada

By 1901, Royal Trust expanded beyond its head office in Montreal and opened an agency in Toronto as well as its first international agency in St. John’s, NL. In 1903, it opened the first full-service branch in Winnipeg, and by 1914, Royal Trust had branches in every principal city of Canada, as well as an agency in London, UK. While the pace of growth slowed during the World War I, by 1920, assets under administration had reached $258 million.

Royal Trust becomes largest in Canada

Through the 1930s, the Great Depression brought expansion to a halt, but the World War II brought new challenges to Royal Trust: safeguarding the personal assets of refugees from Europe and the bullion and other assets of allied nations. By 1949, Royal Trust became the largest trust company in Canada—with trust assets under administration exceeded $1 billion for the first time—and began to offer global custody with branches across Canada and in London, UK.

Royal Trust establishes Classified Funds for Pension Trusts

In 1956, Royal Trust led the industry by establishing Classified Funds for Pension Trusts, where companies that were not large enough to have their own pension fund could pool their funds with those of similar companies. Royal Trust also became active in the Canadian money market, entered the emerging mutual fund industry, and expanded overseas and into the United States.

Royal Bank introduces first logo

In 1962, Royal Bank introduced its first logo—a unique emblem with a heraldic motif. Only two design elements were retained from the 1901 seal: the lion, a symbol of strength and authority, and the crown to carry out the “royal” symbolism. Added to the new logo was the globe to demonstrate Royal Bank’s global presence. This version of the logo evolved into one of Canada’s most identifiable corporate icons.

Royal Trust goes public

On August 23, 1967, Royal Trust went public with a stock offering on the Montreal and Canadian Stock Exchanges.

Royal Trust becomes largest in Canada

In 1974, Royal Trust became the largest trust company in Canada and fifth in North America, with 130 offices across Canada and in the United States and Europe.

RBC acquires Royal Trust

In 1993, The Royal Trust Company was acquired by RBC Financial Group and amalgamated with RBC Trust Company (which had just acquired The International Trust Company). The merged company continued as The Royal Trust Company, part of RBC Investments (the wealth management division) and RBC Global Services (securities custody) within RBC Financial Group.

RBC expands custody market

In 1996, RBC acquired Toronto-Dominion’s corporate and institutional custody business and, in the following year, added the corporate and institutional custody business of Scotiabank and Montreal Trust.

RBC and Dexia merge

In 2005, RBC and Dexia Banque—a leading Belgian bank with significant fund services operation in Luxembourg—announced plans to combine their institutional investor services businesses into an integrated entity, and on January 4, 2006, RBC Dexia Investor Services was launched, with its head office in London, UK. RBC Dexia Investor Services Trust, based in Toronto, is a wholly owned subsidiary of RBC Dexia Investor Services.

RBC Investor & Treasury Services lands top honours

RBC Investor & Treasury Services begins a winning streak landing top honours from a variety of industry awards, including the following:

• #1 Custodian Overall and in Canada as voted by our clients in R&M’s Investor Services Survey (2011-2022)
• #1 Fund Administrator Overall as voted by our clients in R&M’s Fund Accounting and Administration Survey (2013-2022)
• #1 Custodian Overall as voted by our clients in Global Investor Group’s Global Custody Survey (2011-2022)
• Network Management Team of the Year in the 2021 Asset Servicing Times Industry Excellence Awards

RBC makes Investor Services wholly owned subsidiary

In 2012, RBC completed the purchase of 50% share ownership from Dexia Banque, making Investor Services a wholly owned subsidiary of RBC.

RBC completes sale of European and Malaysian business

In 2023, RBC completed the sale of its European and Malaysian asset servicing business, renewing its focus on providing investor services exclusively to Canadian asset managers and asset owners.

RBC completes acquisition

RBC Investor Services surpassed 125 years of providing custody services in Canada. RBC also acquired 100% of the common shares of HSBC Bank Canada (HSBC Canada) on March 28, 2024, to enhance its ability to serve new and existing clients across a broader range of product areas and to deepen our relationships with them.

Awards

RBC was ranked third overall and No. 1 in Canada for AI maturity out of 50 global financial institutions for the third straight year in the Evident AI Index.