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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.

Dave McKay.

Photographer: Cole Burston/Bloomberg

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.