Canada’s RBC Plans to Start a Direct-to-Consumer Bank in U.S.
- Growing deposits is ‘of paramount importance,’ McKay says
- Lender also has City National and a Georgia-based bank in U.S.
Dave McKay.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Royal Bank of Canada plans to start a new “direct-to-consumer” business in the U.S. to increase deposits and ultimately broaden out its offerings to a more mainstream clientele.
The expansion is likely to come at the end of 2020 or early next year, and will be focused initially on higher-net-worth customers, Chief Executive Officer David McKay said Friday during the bank’s earnings call.