Royal Bank of Canada plans to open a consumer bank in the United States early ne...
- Royal Bank of Canada plans to open a consumer bank in the United States early next year targeting wealthy clients, with the aim of expanding deposits, its chief financial officer told Reuters on Friday after the bank posted first-quarter profit that beat expectations.
With this strategy, RBC is joining U.S. rivals including Bank of America, which are expanding their private banking arms. “The loan book has been growing faster than the deposit book, so growing our deposit strategy has become of paramount importance,” Chief Executive David McKay said on an analyst call.
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