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RBC Eyes U.S. Banking Return as Attacker, CEO Nixon Says

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Royal Bank of Canada Chief Executive Officer Gordon Nixon said, “We’ve had a lot of discussions with the likes of Facebook and Google and organizations like that. We’re looking to expand in the payments world, but don’t necessarily want to get into the banking world.” Photographer: Norm Betts/Bloomberg
Royal Bank of Canada Chief Executive Officer Gordon Nixon said, “We’ve had a lot of discussions with the likes of Facebook and Google and organizations like that. We’re looking to expand in the payments world, but don’t necessarily want to get into the banking world.” Photographer: Norm Betts/Bloomberg

May 8 (Bloomberg) -- Royal Bank of Canada, known for its “RBC nice” culture, is considering a second run at U.S. consumer banking after failing in its last effort, this time as an attacker using new technology. * “We would certainly look at returning to the U.S.,” CEO

Gordon Nixon said in a May 6 interview in Toronto; “What

we’d like to do is see whether there are opportunities for

us to be more of an attacker in a marketplace where we don’t

have an embedded business” * Royal Bank seeks to incorporate some of the practices of

technology firms, which are starting to encroach on turf

traditionally controlled by banks; JPMorgan Chase CEO Jamie

Dimon said at a May 6 Euromoney Saudi Arabia conference in

Riyadh that he sees challenges from cos. such as Facebook

and Google as they show interest in providing online banking

and money-lending services * “We’ve had a lot of discussions with the likes of Facebook

and Google and organizations like that,” Nixon, 57, said;

“We’re looking to expand in the payments world, but don’t

necessarily want to get into the banking world” * Royal Bank, Canada’s second-largest lender by assets, hasn’t

zeroed in on a specific area, though it has looked at areas

involving payment and other financial services, credit,

wealth management and private banking for wealthy clients,

said Nixon, who will retire Aug. 1 and be succeeded by

President David McKay

For Related News and Information: JPMorgan’s Dimon Sees Facebook to Google Challenging Bank N55V5J6KLVRO <GO> ‘RBC Nice’ Paying Off Amid Outcry Over High-Frequency Trading NSN N3SN5A6TTDSU <GO>

To contact the reporter on this story: Doug Alexander in Toronto at +1-416-203-5733 or dalexander3@bloomberg.net To contact the editors responsible for this story: Peter Eichenbaum at +1-212-617-5722 or peichenbaum@bloomberg.net; David Scanlan at +1-416-203-5722 or dscanlan@bloomberg.net Steven Crabill, Steve Dickson

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