Royal Bank of Canada plans UK commercial banking push
Royal Bank of Canada is planning a push into the UK’s commercial banking market potentially through an acquisition and will look for opportunities to expand in wealth management.
Chief executive Dave McKay told the Financial Times that he was keen to expand into commercial banking, taking on the likes of NatWest, HSBC, Barclays, and Lloyds, once RBC has fully integrated its private bank with Brewin Dolphin, the UK wealth manager it bought for £1.6bn earlier this year.
RBC, the largest bank in Canada by market value, is aiming to use the same strategy it employed in the US, where it bought City National bank in 2015 and then combined it with its wealth management business, allowing it to offer commercial and private banking services to US businesses and their owners.
This story originally appeared on: Financial Times - Author:Emma Dunkley
