- Royal Bank of Canada RY The company is reportedly planning a foray into the UK commercial banking market through acquisitions and will be looking at opportunities to expand wealth management.
- Chief Executive Dave McKay told the Financial Times he was keen to expand into commercial banking.
- “What we have in the US that we don’t have in the UK is strong commercial banking capacity,” McKay said. “This is really the core of City National Bank, a strong commercial private bank. We would like to replicate this model [in the UK].”
- RBC’s Brewin Dolphin deal shows the bank’s ambitions in UK wealth management. “That makes us the third largest wealth manager in the UK, behind St James’s Place and Rathbones,” said McKay.
- McKay said RBC could also look at smaller wealth management deals in the UK. “As soon as we have that [Brewin Dolphin] Integration along the way we will look at ways to acquire other smaller players and bring them onto the platform,” he added.
- However, McKay ruled out entering the UK retail banking business. “We have no ambition to be a digital retail bank or a physical retail bank outside of Canada,” he said.
- Price promotion: RY shares are down 0.10% to $90.72 during the premarket session last check Tuesday.
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