The Royal Bank of Canada and Scotiabank are two of the most prominent and popular banks in Canada. The RBC occupies the first place in the Big Five of Canada, whereas Scotiabank holds the third position on the same list. Both of these banks are work internationally and originated in Halifax, Nova Scotia.
In this article, we set aside the similarities of Scotiabank and RBC and focus on the differences through comparisons on different topics.
RBC has a revenue of 46 billion Canadian dollars as of 2019 and Scotia bank, 28.8 billion Canadian dollars in 2018. The net income of Royal Bank of Canada and Scotiabank are CA $9.67 billion and CA $8.7 billion in 2019 and 2018, respectively.
In 2019, the number of employees under the Royal Bank of Canada was 85,000 individuals, while Scotiabank employed 60,000 as of 2017. The primary subsidiary of Scotiabank is Tangerine, a direct bank that offers savings accounts and chequing without any fee. City National Bank, RBC Bank, and Royal Bank of Trinidad and Tobago are the subsidiaries of RBC. (more…)