Banks eye RBC's U.S. strategy: Faltering results seen prompting rivals to rethink southern expansion

Article Abstract:

Royal Bank, the Canada largest financial institution is a stock market laggard over 2004, providing the lowest return of Canada's six major banks due to concerns over its retail banking strategy and lingering problems at its mortgage unit. With a view to eliminate the sort of constrictions that plagued the business in summer 2003, the bank has overhauled management at its unit, changed compensation schemes, and is rolling out new technology.

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Sam Abraham

Sep 30, 2008 @ 11:11 am

The Royal Bank of Canada or RBC is currently Canada’s largest bank in terms of assets and market capitalization. It manages numerous brokerage and retail banking operations around the world. In June 2001, RBC expanded its presence into the United States by acquiring Centura Banks and rebranded it as RBC Centura. RBC has been able to grow its presence in the United States through acquisition of various other financial services in Alabama, Georgia and Florida. It now operates not only retail banking, but also other financial services such as RBC Insurance (insurance), RBC Dain Rauscher (brokerage), Tamarack Funds (mutual funds) and RBC Capital Markets (capital markets). In April 2008, RBC Centura officially changed its name to be known as RBC Bank. This US retail banking division of RBC primarily serves the south-eastern region of the United States and has its headquarters in Raleigh, North Carolina.

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CIBC spends $1.1-billion on Caribbean expansion

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Canadian Imperial Bank of Commerce (CIBC), the fifth-largest bank of Canada, is planning to spend $1.1billion to buy major share of Barbados-based First Caribbean International Bank. The details of the acquisition plan are presented.

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