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Royal Bank of Canada Reviews Asia Wealth Business

Royal Bank of Canada is reportedly putting its Asian wealth management business under review which could lead to its sale. This comes after several Western banks have withdrawn from private banking in Asia.

The review was triggered because the bank’s global Head of Wealth Management feels the Asian business which has less than $10 billion in assets lacks the scale to generate sufficient profit.

News Source: Reuters

 

About Royal Bank of Canada

RBC Bank
RBC Bank

The Royal Bank of Canada (NYSE:RY) is one of Canada’s largest banks which serves more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 37 other countries. Founded in 1864 in Halifax as Merchants Bank, it was incorporated in 1869 and went through several merger and acquisitions activities, including the latest in 1993 when RBC merged with Royal Trust. RBC focuses on five business segments: Personal & Commercial Banking, Wealth Management, Investor & Treasury Services, Capital Markets, and Insurance.

  • Origin : Montreal, Canada
  • Assets : CAD 1074 billion
  • Revenue : CAD 35.32 billion
  • Employees : 80,000

Official Website: www.rbc.com

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News & Media: Press Release

Updated on 8th August 2016



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