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Initiating coverage on Canadian Banks � RBC, TD, BNS, BMO, \u0026 CIBCWhen Royal Bank of Canada and Bank of Montreal announced a surprise plan to merge on Jan. 23, , the news landed like a bombshell. By the. The marriage of RBC and BMO, respectively the first- and third-ranking Canadian banks, would create the biggest bank in Canada and the ninth-biggest bank in. Royal Bank of Canada Chief Executive Officer Dave McKay has a list of reasons he won't be shopping for a bank in the US anytime soon.