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.
Chief financial officer of the RBC’s consumer bank, Rod Bolger, , says with this strategy, the bank is joining U.S. rivals including Bank of America, which are expanding their private banking arms.
RBC’s U.S. businesses, including City National bank, which it acquired in 2015, accounts for 23% of total revenue.
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Profit at RBC’s overall wealth management business, which accounts for 20% of earnings, grew 4% from a year ago.
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