Royal Bank of Canada

Royal Bank of Canada 

the largest commercial bank of Canada. In 1971 it was the 18th largest capitalist bank in the world. Founded in 1869, the bank acquired its present name in 1901.

The Royal Bank of Canada has its headquarters in Montreal. The bank is closely related to the monopolistic groups of various sectors of the country’s economy as well as with British and American finance capital. In particular, it is allied with the Rockefeller group and with its oil companies Standard Oil and Imperial Oil. In 1972 the bank had 1,289 branches in Canada and 121 branches and agencies abroad, mainly in Latin America. The bank is part of a number of large international banking groups. In October 1972 the bank had a balance sum (in Canadian dollars) of $14.8 billion, capital and reserves of $658 million, current accounts and deposits of $13.5 billion, loans of $8.1 billion, cash on hand and accounts with other banks of $3.7 billion, and a securities portfolio of $2.3 billion.

E. D. ZOLOTARENKO