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Royal Bank of Canada reclaimed its rank as the nation’s largest lender by assets from Toronto-Dominion Bank, which held the top spot for 15 months. The firms are the first in Canada to pass the $1 trillion milestone.

Royal Bank, which was No. 1 for most of the last century, reported $1.09 trillion of total assets as of Jan. 31, exceeding $1.08 trillion at Toronto-Dominion, according to their financial statements. Royal Bank’s advance also makes it the largest Canadian company by assets.

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Two firms reaching the $1 trillion mark is “a really big deal,” said Joe Martin, director of Canadian business history at the University of Toronto’s Rotman School of Management. “Large corporations are very, very important for the success of any country’s economy, so this is a big deal for Canada.”

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Canada has the world’s 11th largest economy, with an annual gross domestic product of US$1.83 trillion, compared with the U.S., whose GDP of $16.8 trillion makes it the biggest. The U.S. has nine companies — all financial-services firms — exceeding the size of the two Canadian banks, with Fannie Mae holding US$3.25 trillion of assets and JPMorgan Chase & Co. with $2.57 trillion, according to data compiled by Bloomberg.