Jim Westlake, currently group head, Canadian Banking, has been appointed group head, International Banking and Insurance at Royal Bank of Canada.

Mr Westlake will be responsible for RBC’s banking businesses outside Canada while retaining responsibility for RBC’s insurance operations, providing oversight for RBC’s global credit card business and growing this business through RBC’s international banking and wealth management activities.

Dave McKay has been appointed group head, Canadian Banking. Mr McKay is currently head of Personal Financial Services. He will report directly to Gordon Nixon, president and chief executive and will join RBC’s group executive.

RBC’s Wealth Management, Capital Markets, International Banking, and Insurance segments each have mandates to expand outside Canada. “The moves announced today will help RBC further leverage our strength to grow outside Canada,” said Mr Nixon.

For the past two years, operations outside Canada accounted for approximately one-third of RBC’s overall revenues, said the bank in a statement.

Peter Armenio, currently group head, US & International Banking, has announced his intention to retire.