A Report on Royal Bank of Canada

Submitted to:
Apex College
Pokhara University

Submitted by:
Group 1
Section: Agency
Program: BBA-BI

Members
Aakesh Pokharel
Aakshaya Pandey
Anushka Karki
Bishesh Kharel
Ritik Mittal

Kathmandu, Nepal
February 2018
 ACKNOWLEDGEMENT

We would like to express our deepest appreciation to all those who provided us the
possibility to complete these report.

A special gratitude we would like to leave to our Librarian for providing us all the
essential resources for us to complete this report. We are also thankful to the Internet
resources for giving us access to the data related to Royal Bank of Canada. We would
also like to thank each other for contributing their time and effort for the completion of
the report.

Last but not the least, many thanks goes to head of the project and Apex family who
invested their effort for providing us such platform.

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 EXECUTIVE SUMMARY

Bank of Canada is the largest bank in Canada as measured by assets and market
capitalization and one of North America’s leading diversified financial service
companies. We provide personal and commercial banking, wealth management,
insurance, corporate and investment banking and transaction processing services on a
global basis. We employ approximately 60,000 people who serve more than 14 million
clients throughout North America and some 30 countries around the world. The initials
RBC are used as a prefix for our business and operating subsidiaries, all of which
operate under the master brand name of RBC Financial Group. ROYAL BANK OF
CANADA (RY on TSX and NYSE) and its subsidiaries operate under the master brand
name RBC. It is Canada's largest bank as measured by assets and market capitalization,
and it was ranked at No. 50 in the 2013 Forbes Global 2000 listing. They are one of
North America's leading diversified financial services companies, and provide personal
and commercial banking, wealth management services, insurance, corporate an
investment banking and transaction processing services on a global basis. They employ
approximately 80,000 full- and part-time employees who serve more than 18 million
personal, business, public sector and institutional clients through offices in Canada, the
U.S. and 53 other countries.

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 Contents
CHAPTER I .................................................................................................................................. 1
INTRODUCTION .......................................................................................................................... 1
1.1 Background ................................................................................................................ 1
1.2 History, Expansion and Growth ................................................................................. 2
1.3 Executive Profile and Organizational Structure ......................................................... 3
CHAPTER II ................................................................................................................................. 8
ANALYSIS .................................................................................................................................... 8
2.1 Product and Services.................................................................................................. 8
2.1.1 Mortgage Loan ................................................................................................... 8
2.1.2 Retail Banking .................................................................................................... 8
2.1.3 Commercial Banking .......................................................................................... 9
2.1.4 Wealth Management ......................................................................................... 9
2.2 Key Success Factors.................................................................................................... 9
2.3 Present Competitive Position .................................................................................. 10
2.4 Future Position ............................................................................................................... 11
CHAPTER III .............................................................................................................................. 12
SUMMARY, CONCLUSION AND RECOMMENDATION .............................................................. 12
3.1 Summary .................................................................................................................... 12
3.2 Conclusion .................................................................................................................. 13
3.3 Learning and outcomes.............................................................................................. 14
3.4 Recommendation....................................................................................................... 15
3.4.1 To the College ......................................................................................................... 15
3.4.2 To the Organization ................................................................................................ 15
REFERENCE ............................................................................................................................... 16

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 LIST OF FIGURE

Figure Index Page no.

1.1 Organizational structure 11

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 CHAPTER I

INTRODUCTION

1.1Background

The Royal Bank of Canada is a Canadian multinational financial services company and
the largest bank in Canada. The bank serves over 16 million clients and has 80,000
employees worldwide. The company corporate headquarters are located
in Montreal, Québec and Toronto, Ontario. The bank was founded in 1864
in Halifax, Nova Scotia RBC's bank number is 003. In November 2017, RBC was
added to the Financial Stability Board’s list of global systemically important banks.

RBC Royal Bank is Canada’s largest bank and global financial services organization
with assets of CAN$294 billion. RBC Royal Bank serves more than 11 million personal
and commercial banking customers through 1,300 retail branches, more than 4,800
ATMs, telephone and Internet banking, and point-of-sale terminals. It provides personal
and commercial banking, credit card services, wealth management services, insurance,
corporate and investment banking, and transaction processing on a global basis. In
2011, RBC was the largest Canadian company by revenue and market capitalization.
and was ranked at No. 50 in the 2013 Forbes Global 2000 listing. The company has
operations in Canada, and 40 other countries.

Banks exist to concentrate capital. Building anything bigger than a small hut generally
takes more money than any individual person is likely to have. Prior to the existence
of banks, it was mostly only religions and governments that had enough resources to
build anything of any real size. If you wanted to build a house or a business, you
basically had to spend years trying to build it in your spare time, by hand. With banks,
you can borrow money, build what you want to build, profit from it, and pay back your
lenders with interest. That kind of lending and borrowing is essential to any kind of
large economy, and banks are the primary institutions that do it.

The Royal Bank of Canada History site has been created to remember and celebrate
heritage and the generations of men and women who transformed this company into a

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leader in Canada and a growing force in countries around the world .Over the years
RBC have invested in the future by delivering quality products, creating jobs, protecting
the environment, respecting diversity and making a difference in the communities that
It serve. RBC shared values of service, teamwork, responsibility, diversity and integrity
help guide our behaviors and decisions, inspire to lead in diversity and inclusion and
define what it means to be a responsible corporate citizen. The first chief executive of
RBC was Thomas Edward Kenny (1879-1908) and its current executive is David
McKay who is the president and CEO (2014-present). It is among one of the fortune
500 companies and it lies in no. 23

1.2 History, Expansion and Growth

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 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 10 December 1894, the Merchants Bank expanded to Newfoundland on
31 January 1895.

As the bank grew executives changed its name to reflect its growth and western
expansion. In 1901, the Merchants Bank of Halifax 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 Carrère and Hastings, in beaux-arts
classicism proclaiming 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.

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RBC's presence in Manitoba and Saskatchewan was strengthened 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's presence in the Prairie Provinces grew 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. merged with Industrial
Mortgage & Trust Co.

RBC installed its first computer in 1961, the first in Canadian banking. In the 1960s,
RBC Insurance was created. In 1968, it merged with Ontario Loan and Debenture
Company. In 1993, RBC merged with Royal Trust. In 1998, RBC acquired Security
First Network Bank in Atlanta the first pure Internet bank. 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 Financial.

1.3 Executive Profile and Organizational Structure

 President, Chief Executive Officer & Director - David I. McKay

McKay was appointed President of RBC on February 26, 2014 and Chief Executive
Officer and Director of the Board on August 1, 2014. Prior to assuming the role of
President and CEO, McKay led RBC’s retail banking portfolio, first as Group Head of
Canadian Banking (2008–12) and most recently as Group Head of Personal and
Commercial Banking worldwide (2012–14). During this time, McKay contributed to
the growth of RBC’s retail banking business, helping the bank attain top market
positions in all the division’s product categories. Under his leadership, RBC became
the first North American financial institution to bring person-to-person electronic
money transfers to Facebook Messenger, and also introduced RBC Secure Cloud,
a mobile payments service which allows users to pay for purchases using their mobile
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devices while storing their information safely and securely. During his tenure in retail
banking, RBC won the “Best Retail Bank in North America” Award (2012 and 2013),
“Innovation in Customer Service” Award (2013), and “Global Retail Bank of the Year”
Award (2014) by Retail Banker International, and the “Best Commercial Bank in
Canada” Award (2013) by World Finance. He started his career at RBC in 1988
working in retail banking. After completing his MBA in 1992, he returned to RBC
working in progressively senior roles in Canada and Japan in retail and business
banking, group risk management, and corporate banking.

 Independent Director - Alice D. Laberge

Ms. Alice D. Laberge is Independent Non-Executive Director at Russel Metals, Inc.,

Independent Director at Royal Bank of Canada, Independent Director at Potash Corp.
of Saskatchewan, Inc., and Chairman at Silver Birch Holdings, Inc. She is on the Board
of Directors at Russel Metals, Inc., Royal Bank of Canada, Potash Corp. of
Saskatchewan, Inc., The United Way of the Lower Mainland, St. Paul’s Hospital
Foundation, Healthcare Benefit Trust, University of British Columbia, Delta Hotels
Ltd., and Silver Birch Management Ltd.

Ms. Laberge was previously employed as President & Chief Executive Officer by Fin
Centric Corp. and Chief Financial Officer & Senior VP-Finance by MacMillan Blondel
Ltd. She also served on the board at Catalyst Paper Corp. and British Columbia Hydro
& Power Authority.

She received her undergraduate degree from the University of Alberta and an MBA
from the University of British Columbia.

 Independent Director - Michael H. McCain

Mr. Michael H. McCain is Independent Director at Royal Bank of Canada, President,

Chief Executive Officer & Director at Maple Leaf Foods, Inc., Chairman at Canada
Bread Co. Ltd., a Member at Mount Allison University, a Member at Canadian Council
of Chief Executives, and Co-Chairman-Transforming Lives Capital Campaign at The
CAMH Foundation. He is on the Board of Directors at Discovery District, Royal Bank
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of Canada, Maple Leaf Foods, Inc., McCain Foods Group, Inc., St. Michael's Hospital,
McCain Capital Corp., American Meat Institute, and Centre for Addiction & Mental
Health Foundation. Mr. McCain was previously employed as President & Chief
Executive Officer at McCain Foods USA, Inc., President at McCain Citrus, Inc., Co-
Founder at McCain Foods Ltd., and a Trustee by The Hospital for Sick Children. He
also served on the board at Bombardier, Inc., Brookfield Asset Management, Inc., and
American Frozen Food Institute. Mr. McCain received his undergraduate degree from
the University of Western Ontario.

 Chief Financial Officer - Rod Bolger

Mr. Rod Bolger is Chief Financial Officer at Royal Bank of Canada. He is on the Board
of Directors at Dixon Hall Neighborhood Services. Mr. Bolger was previously
employed as Member-Enhanced Disclosure Task Force by Financial Stability Board.
He received his undergraduate degree from Georgetown University and an MBA from
Columbia University.

 Chairman - Kathleen P. Taylor

Ms. Kathleen P. Taylor is Corporate Executive, Lawyer, Corporate Director,

Investment Committee, Audit Committee and Human Resources and Compensation
Committee at Canada Pension Plan Investment Board, Chairman at Hospital for Sick
Children Foundation and Royal Bank of Canada, a Member at American Hotel &
Lodging Association, Inc., United Way of Greater Toronto and World Travel &
Tourism Council. She is on the Board of Directors at Adecco SA and The Hospital for
Sick Children. Ms. Taylor was previously employed as President Chief Executive
Officer by Four Seasons Hotels Ltd. He also worked for Goodman’s LLP. She received
her undergraduate degree from the University of Toronto, a graduate degree from
Osgood Hall Law School and an MBA from The Schulich School of Business.

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 Organizational Structure

CHAIRMAN OF THE BOARD

Andrew A. Chisholm Kathleen P. Taylor Heather Munroe-
C.M. Blum,
Jacynthe Côté
O.C., O.Q., Ph.D.,
Toos N. Daruvala F.R.S.C.
David F. Denison, Thomas A. Renyi
O.C., FCPA, FCA BOARD OF
DIRECTORS Kathleen P. Taylor
Alice D. Laberge C.M.
Michael H. McCain
Bridget A. van
David I. McKay Kralingen

Thomas A. Renyi PRESIDENT, CEO & DIRECTOR

Thierry Vandal
DAVID I. McKAY
Jeffery W. Yabuki

CFO&ADMIN HEAD OF HUMAN CHIEF RISK CAPITAL

OFFICER MARKETS CO-
ROD RESOURSE
GROUP HEAD

BOLGER Helena
Mark A.
Gottschlin
Hughes
g Douglas
McGregor

Personal &
Technology and WEALTH MGMT CHIEF
Commercial GROUP HEAD
Operations ADMINISTRATI
Banking
Group Head VE OFFICE
Neil
Doug
Bruce Ross Guzman Jennifer
McLaughlin
Tory

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This organizational structure of the royal bank of Canada is shown above. The chairman
of RBC is Kathleen P. Taylor and the president, CEO and director is David I. Mckay.
There are total 14 board of directors in RBC. The rest of the 8 are the other workers
working under the board of members. The main working stand of any company is the
Board of members and hence these 8 workers are the other main persons with higher
responsibility in their certain field. Kathleen P Taylor became chair of the board in
January 2014, having served on the board since 2001, and has also chaired the human
resources and corporate governance committees, and served on the audit and risk
committees. Whereas David I McKay was appointed President of RBC on February 26,
2014 and Chief Executive Officer and Director of the Board on August 1, 2014. The
rest of the 14 Board of directors play an vital role in the decision making of RBC and
pass the required work and other informative changes to the workers working under
them.

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 CHAPTER II
ANALYSIS

2.1 Product and Services

2.1.1 Mortgage Loan

A mortgage loan, or simply mortgage, is used either by purchasers of real property to

raise funds to buy real estate, or alternatively by existing property owners to raise funds
for any purpose, while putting a lien on the property being mortgaged. The most
common mortgage in Canada is the five-year fixed-rate closed mortgage, as opposed to
the U.S. where the most common type is the 30-year fixed-rate open mortgage.
Throughout the financial crisis and the ensuing recession, Canada’s mortgage market
continued to function well, partly due to the residential mortgage market's policy
framework, which includes an effective regulatory and supervisory regime that applies
to most lenders. Since the crisis however, the low interest rate environment that as
arisen has contributed to a significant increases in mortgage debt in the
country.Personal lending products and residential mortgages are offered by Royal Bank
of Canada and are subject to its standard lending criteria. Some conditions apply.
Special Offers are discounted rates and are not the posted rates of Royal Bank of
Canada. Specials Offers may be changed, withdrawn or extended at any time, without
notice.

2.1.2 Retail Banking

Retail banking, also known as consumer banking, is the provision of services by a bank
to the general public, rather than to companies, corporations or other banks, which are
often described as wholesale banking. Banking services which are regarded as retail
include provision of savings and transactional accounts, mortgages, personal loans,
debit cards, and credit cards. Retail banking is also distinguished from investment
banking or commercial banking. It may also refer to a division or department of a bank
which deals with individual customers.

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2.1.3 Commercial Banking
A commercial bank is an institution that provides services such as accepting deposits,
providing business loans, and offering basic investment products. Commercial bank
can also refer to a bank, or a division of a large bank, which more specifically deals
with deposit and loan services provided to corporations or large/middle-sized business
- as opposed to individual members of the public/small business.

2.1.4 Wealth Management

Wealth management as an investment-advisory discipline which incorporates financial
planning, investment portfolio management and a number of aggregated financial
services. High-net-worth individuals (HNWIs), small-business owners and families
who desire the assistance of a credentialed financial advisory specialist call upon wealth
managers to coordinate retail banking, estate planning, legal resources, tax
professionals and investment management.

2.2 Key Success Factors

 Initial Profitability Segmentation

Initial profitability segmentation was carried out which divided the customer
base into three tiers. This was used by front-line sales staff as well as back-
office functions like marketing and finance. While aligning the customer view
across the Bank, the approach was not precise enough and should not be used
as a performance metric.

 Aggregate Profitability Approach

A new approach was adopted using aggregated profitability and a six-tier
segmentation. A customer, rather than product-based marketing budget was
adopted, with business rules driving campaign strategy. From this, the Bank
learned what it needed to evolve towards a fuller CRM approach.

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  Partnership
A partnership arrangement to develop an analytical CRM package, which
leveraged the data warehouse, was central to the shift towards customer value
measurement. This allowed individual transaction and account data to be used
as a basis for profitability calculations.

 Team Work
The success of the project was based on cross-functional team working and
support, together with a detailed analysis of the bank’s needs, both current and
future.

 Changes In Market
As a result of analysing profitability at an individual level, previous assumptions
have been recognized as flawed. Customer segments which were assumed to be
loss making and to have little potential, are now being remarketed and re-priced
and are showing significant gains.

2.3 Present Competitive Position

Royal Bank and TD Bank are the two largest banks in Canada and both derive
significant revenue from the United States. Royal Bank has better ROE and ROA than
TD Bank, but TD Bank enjoys a better net interest margin. Both banks consistently
raise their dividends. Without dividends, Royal Bank and TD Bank have a return of
34.73% and 35.04%, with TD bank performing slightly better than Royal Bank.
Including dividend, Royal Bank’s 64.02% return is better than TD Bank’s 62.33%.
Both have comparable returns.

Royal Bank of Canada beats JP Morgan Chase & Co. on a total of 8 of the 12 factors
compared between the two stocks. RY is growing fastly, has higher cash flow per share,
has a higher cash conversion rate and has lower financial risk. In terms of valuation,
RY is the cheaper of the two stocks on an earnings and sales basis, RY is more
10
undervalued relative to its price target. Finally, LH has better sentiment signals based
on short interest.

2.4 Future Position

RBC Financial Group is a provider of integrated financial services to personal and

business clients in Canada and abroad. RBC serves clients from 70 0ffices in 15
countries across North America, UK, Europe and the Asia Pacific region. RBC of
Canada has been one of the top Bank of Canada for their good service not only for their
national but also for their international clients. More than a million of people open their
personal account in RBC, With their services lai VIP banking, Signature no limit
banking, Day to day banking services RBC has been in one of the top position.

The future position of RBC is going to be stable due to its Interest rates according to the
balance. As it not only has their services access to national users but also internationally
RBC has a permanent stamp on their customers about their services. However there are
other banks in Canada who gives a better return than RBC , but due to its good customer
services which is its main aim , RBC is able to maintain its position In the top banks of
Canada , It is also included in one of the fortune 500 companies.

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 CHAPTER III

SUMMARY, CONCLUSION AND RECOMMENDATION

3.1 Summary
ROYAL BANK OF CANADA (RY on TSX and NYSE) and its subsidiaries operate
under the master brand name RBC. It is Canada's largest bank as measured by assets
and market capitalization, and it was ranked at No. 50 in the 2013 Forbes Global 2000
listing. They are one of North America's leading diversified financial services
companies, and provide personal and commercial banking, wealth management
services, insurance, corporate and investment banking and transaction processing
services on a global basis. They employ approximately 80,000 full- and part-time
employees who serve more than 18 million personal, business, public sector and
institutional clients through offices in Canada, the U.S. and 53 other countries.

In 1864, the Merchants Bank of Halifax was founded in Halifax, Nova Scotia, as a
commercial bank. . In 1901, the Merchants Bank of Halifax changed its name to the
Royal Bank of Canada (RBC). The first chief executive of RBC was Thomas Edward
Kenny (1879-1908) and its current executive is David McKay who is the president and
CEO (2014-present). The chairman of RBC is Kathleen P. Taylor. There are total 14
board of directors in RBC. The rest of the 14 Board of directors play a vital role in the
decision making of RBC and pass the required work and other informative changes to
the workers. It is among one of the fortune 500 companies and it lies in no. 23. Ms.
Alice D. Laberge is Independent Director at Royal Bank of Canada. Mr. Rod Bolger is
Chief Financial Officer at Royal Bank of Canada.

RBC provides several products and services. Some of them are ; A mortgage loan, or
simply mortgage, it is used either by purchasers of real property to raise funds to buy
real estate, or alternatively by existing property owners to raise funds for any purpose,
while putting a lien on the property being mortgaged. Retail banking it is also known
as consumer banking, is the provision of services by a bank to the general public, rather
than to companies, corporations or other banks, which are often described as wholesale

12
banking. Commercial banking, it is an institution that provides services such as
accepting deposits, providing business loans, and offering basic investment products.
Wealth management, it is an investment-advisory discipline which incorporates
financial planning, investment portfolio management and a number of aggregated
financial services.

3.2 Conclusion
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-
led approach to delivering leading performance. Their success comes from the 80,000+
employees who bring their vision, values and strategy to life so they can help their
clients thrive and communities prosper. As Canada’s biggest bank, and one of the
largest in the world based on market capitalization, they have a diversified business
model with a focus on innovation and providing exceptional experiences to their 16
million clients in Canada, the U.S. and 35 other countries. Royal Bank of Canada has
joined a list of lenders deemed important to the stability of the world's financial system,
becoming the first Canadian back to join the global group of 30 required to hold extra
capital. Fortune magazine published its famous Fortune Global 500 ranking for 2016.
As usual US-based companies dominate the list of the thousands of Canadian
companies only 12 made it to the list. Royal bank of Canada was one of 12. The
companies were selected based on revenues. The revenue of the company was $34795
in 2016. Royal Bank of Canada recorded net income of $11,469 million for the year
ended October 31, 2017, up $1,011 million or 10% from the prior year. In addition, the
bank increased quarterly dividend twice during 2017, for an annual dividend increase
of 7%. 2017 was a great year for Royal bank of Canada, with record earnings of $11.5
billion, driven by healthy growth across their businesses and a disciplined approach to
risk management. They also returned a record $8.2 billion of capital in dividends and
share buybacks, demonstrating their ongoing commitment to shareholders while
delivering on their growth strategies. As they reimagine the role they play in their
customers’ lives, they are accelerating their digital investments and finding new ways
beyond traditional banking to add value to their clients, employees and communities.

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3.3 Learning and outcomes

The Royal Bank of Canada (RBC) is a Canadian multinational financial services

company and the largest bank in Canada. RBC was the largest Canadian company by
revenue and market capitalization and was ranked at No. 50 in the 2013 Forbes Global
2000 listing. The company has operations in Canada, and 40 other countries. It is among
one of the fortune 500 companies and it lies in no. 23.

The first chief executive of RBC was Thomas Edward Kenny (1879-1908) and its
current executive is David McKay who is the president and CEO, appointed on
February 26, 2014 and Chief Executive Officer and Director of the Board on August 1,
2014. The chairman of RBC is Kathleen P. Taylor. There are total 14 board of directors
in RBC.

Project Work is a learning experience which aims to provide students with the
opportunity to synthesize knowledge from various areas of learning, and critically and
creatively apply it to real life situations. This process, which enhances students’
knowledge and enables them to acquire skills like time management team working,
communication and independent learning. It critically evaluates personal time
management attributes and study skills to review personal strengths and weaknesses. It
devises individual management strategies to more effectively use time, people
resources to research and organize his/her field of study and to maintain high
motivational levels. It demonstrates ability to work successfully with other members of
the study group. Manage the selection and initiation of individual projects and of
portfolios of projects in the enterprise. effective project execution and control
techniques that result in successful projects, a strong working knowledge of ethics and
professional responsibility, effective organizational leadership and change skills for
managing projects and project teams.

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3.4 Recommendation
3.4.1 To the College

 Our college had helped us a lot in making this project.

 The spread of information could be made better.
 The group division in the beginning could be better if the mentors allowed the
members to choose the members by themselves.
 All the members were completely unknown to each other and knowing the
members consumed quite a lot of time.
 It would be better if the time schedule of SMART class was stricter.

3.4.2 To the Organization

 As a business, RBC also rely increasingly on the innovation coming out of

campuses.
 Both faculties and students need to push and propel them, to new heights.
 RBC purpose as an organization is to help their clients thrive and their
communities prosper.
 If there is one simple thing that they believe in, it’s that education breeds
innovation, which leads to growth for the benefit of all.

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 REFERENCE

"Royal Bank of Canada: Annual Report 2015" (PDF). Royal Bank of Canada. 31
October 2008. Retrieved August 5, 2014.

Nineteenth Legislature (1936). Ontario Sessional Papers (PDF).

p. iii. OL 23742693M.

"Awards & Recognition". Royal Bank of Canada. Retrieved 2011-02-19.

"Fiche d'un bâtiment: Ancien siège social de la Banque Royale" [Saint James, the
street of banks]. Vieux-Montréal: site officiel (in French). Ville de Montréal.
Retrieved 17 November2016.

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