Royal Bank of Canada (NYSE:RY) is the largest financial institution in Canada, as measured by deposits, revenues and market cap. Royal Bank has operations in 52 countries including a strong presence in the Carribbean. The Big Five Canadian banks control most of Canada’s financial sector and are counted amongst the safest and strongest financial institutions.
Current Market: The current market in Canada is technically in correction mode, having fallen more than 10% from its all-time highs. A resource-rich economy, Canada is facing downward pressure from the oil and energy sector declines. In addition, the Canadian dollar (called the loonie) has of-sort become a petro-dollar, tracing the path of oil. The fall of oil has resulted in a fall in the Loonie and this will affect the financial statements of all internationally exposed corporations in the coming quarters, including the banks.