Bank Of Montreal : History And Information

They have been able to generate different sources of revenues through commercial banking, credit card and retail financial services, which separates them from competing with some investment banking companies. The accounts, products and features the company offers sometimes have fees which it is willing to waive. Since the company wants the “share of wallet” of high balanced customers, it will take such actions. This action of course has the potential to deepen relationships. In the article by author Charles Keenen he states, “According to Bancography, a consulting firm in Birmingham, Ala., a customer who has just one product with a bank will stick with that bank for about 18 months, but add even one product - a savings account, perhaps - and the average jumps to four years. Customers with three products will stay with the bank for about 6.8 years.”

RBC financial, a full service bank in Canada is facing fierce competition from leading financial institutes and new niche-market entrants after deregulation, the bank is also struggling with its 7th ranking out of 8 among financial institutions in the bank’s internal value for money study.

Although the Canadian Bank oligopoly has traditionally been uncontested, the environment in which they operate is experiencing significant change. In order for retail banks to remain relevant in a decade, they must make significant changes to their business model. International political landscape tensions hinder international ambitions of banks and while the increased regulation is viewed as an additional burden, it is currently one of the rare forces keeping new entrants from dominating the entire industry. The Canadian population is facing a significant shift affecting the banks environment, their customer base includes an increasing proportion of millennials, women and visible minorities. Canada has the second largest population of foreign born habitants, and due to mass migration this trend will intensify.

Canadian Imperial Bank of Commerce or CIBC as most know it, has been operating since 1867. They are a profit corporation that offers public banking and financial services to individuals, small businesses, and also other corporations. CIBC is a Canadian corporation that has branched out and now does business in Europe, Asia, Australia, Latin America, and of course The United States (Wikipedia).

1. At the start of the 21st century, RBC was Canada’s leading bank and largest bank in terms of assets and market capitalization. It was a full-service bank with five main lines of business: personal and commercial banking, insurance, wealth management, corporate / investment banking, and transaction processing. The commercial bank of RBC (Royal Bank) accounted for nearly 50% of the company’s net income and had an extensive delivery network with branches, Automated Banking Machines (ABM’s), point of sale terminals, mobile sales staff, and 1.4 million online banking customers and 2 million phone customers. The bank also had an extremely strong international network.

The Bank of Nova Scotia also known as Scotiabank was founded in Halifax of 1832. It is the second oldest bank in Canada which opened for business to support trades between Britain, North America, and the West Indies. During that time, agents were assigned to New York, Boston and London which have provided an indication in the early hours of the Bank’s global ambition. A year later as Scotiabank opened; it paid its first dividend to shareholders. This marked the first in history of

A strong strategy is another factor that is prevalent in this organization. One of the strategies, directed towards institutional investors, is to position the company as the total retirement provider. This concept is a part of everyday dealings with the clients. For example, when there are discussions with a company about that client’s main retirement plan, the presentation is made to service other retirement vehicles that the company may have. However, this organization does not seek to provide non-retirement services, such as payroll, to their clients. This well defines strategy is important within the company.

The Royal Bank of Canada (RBC, RBC Royal Bank, or RBC Financial Group) is the largest banking institution in Canada. RBC serves more than 18 million clients and has over 80,000 employees distributed all over the world (RBC 2008). The company corporate headquarters are located in Montreal, Quebec, and its operational head office is in Toronto, Ontario. RBC is listed as the largest Canadian company by revenue and market capitalization by The Globe and Mail and was ranked at 50 in the 2013 Forbes Global 2000 listing. The company has operations in Canada, and 51 other countries (RBC 2011). In May 2004, the Royal Bank of Canada experienced a crisis which involved a programming change to an essential piece of banking software. Generally, this is

“ Our mission is to be a Premier Bank in the Asia- Pacific region, committed to providing Quality Products and Excellent Customer Service.”

The Royal Bank of Canada was founded in 1869; Royal Bank was Canada’s largest financial institution with assets of Canadian$245 billion in September 1997. Royal bank was ranked first or second among Canadian financial institutions in earnings, market capitalization, and in virtually every financial service it delivered. The bank had 10 million personnel, businesses, government, and financial institution clients that were serviced through one of the world’s largest delivery networks. This network included more than 1,600 branches and over 4,000 automated banking machines. In Canada it was selected as number one among all companies regardless of industry in the categories of “Leader in Investment Value,” “Leader in Responsibility” (which measured equality and charity), and “Leader in Financial Performance.” Royal Bank operates to date in over 30 countries and has over 100 delivery units. The bank was strongly represented in the major international financial centers of the world, including New York, London, Frankfurt, Tokyo, Hong Kong, and Singapore. Royal Bank was located through Latin America and Europe. Business clients were offered services in corporate banking, trade financing, treasury services, and

Describe the company and the major initiative(s) they have planned for the next 5 years.

As Jackie Patrick, loans officer for the Commercial Bank of Ontario, the key issue is whether or not I will accept or reject Mackay’s request for a bank loan and line of credit. My key objective is to develop a thorough understanding of the facts presented in the case in order to make an informed decision that will best serve the interest of the Commercial Bank of Ontario, myself as the newly appointed loans officer, and of course my client Mr. Mackay.

The company offers diversified investment choices to its clients which include high net-worth retail, manufacturing, and institutional firms.

The four components of its financial strategy are steady with this growth objective. Its growth objective is to remain a leading growth company and developing appropriate investment

The Century National Bank has offices in several cities in the Midwest and the southeastern part of the United States. Mr. Dan Selig, president and CEO, would like to know the characteristics of his checking account customers. What is the balance of a typical customer? How many other bank services do the checking account customers use? Do the customers use the ATM service and, if so, how often? What about debt cards? Who uses them, and how are they used?