We all know about the potentially devastating economic effects of bank failures. On the flip side, a stable and solid bank can have a positive economic impact on the people and communities it serves. RBC contributes to the economy by managing prudently, supporting economic development, promoting financial literacy and purchasing responsibly.
Some investments generate more than just dollars and cents. They can provide homes for the homeless, or food for the hungry. They can stimulate economic activity, create jobs, revitalize neighbourhoods and instil pride. We believe in these kinds of investments so we try to foster economic growth in low- and moderate-income communities through direct financing and other means.
Banks help maintain economic stability in communities when they lend responsibly. For RBC, responsible lending means providing credit to clients who are able to take on debt comfortably. For example, we offer mortgage products that help first-time and other buyers buy and keep their homes.
Financial services companies have a hand in helping build towns and cities when we provide financing or advice for major infrastructure projects such as hospitals, schools, roads, bridges, power plants and transit systems. That’s where partnerships between government, business and civil society organizations can come in. We provide advice and financial services to public/private partnerships (PPP) through offices around the world.
In 1924, we developed our first budget book, the first of many money management tools created to help clients organize their finances. In the years since, RBC has continued to promote financial literacy – an understanding about credit, debt and savings - to clients, prospective clients and the public at large. We offer a number of financial literacy tools including:
We also sponsor a host of financial literacy initiatives around the world.
Our procurement policies are inclusive and aim to promote sustainable business practices and economic development where possible. We consider social and environmental policies and practices among other criteria when awarding contracts. Through our Responsible Procurement Policy, we have enhanced our due diligence process to allow for additional screening criteria in areas of the environment, labour laws, health and safety, and ethics. RBC Procurement works closely with Corporate Environmental Affairs to 1) introduce questions around Supplier Management practices, as well as product capabilities where appropriate, and 2) evaluate supplier responses.
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