When did Royal Bank become Canadas largest financial services provider?
When the business conducted by Canada’s banks was strictly deposit taking and lending, balance sheet assets were the accepted measuring stick in determining bank size. Royal Bank first emerged as Canada’s largest bank, based on balance sheet assets, in 1920. Between 1921 and 1940, Royal Bank regularly traded top ranking with Bank of Montreal until 1941 when it emerged as Canada’s largest bank. More recently, banks have broadened the range of financial services offered to clients and balance sheet assets alone no longer accurately measure bank size. As a result, comparative analysis of bank size now incorporates other financial measures such as market capitalization and net income. Regardless of the measuring stick, Royal Bank remains Canada’s premier financial services company.
