Which type of institution is the Royal Bank of Canada, a for-profit organization that accepts deposits from all its customers, provides them with services, and makes loans?

Question

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The description of the institution fits that of a chartered bank, which is a type of financial institution that accepts deposits, provides services, and makes loans to individuals and businesses. The Royal Bank of Canada is specifically referred to as a chartered bank by the Canadian government, and it is a for-profit organization. The other options, investment banking firm, credit union, and brokerage firm, do not fit the given description.

Which Type of Institution Is the Royal Bank of Canada