Strategy
RBC Chief Confirms Ongoing Review Of International Wealth Business

RBC Wealth Management, part of Royal Bank of Canada, is continuing to review its international wealth operations.
(An earlier version of this article was published on Family Wealth Report, sister publication to this one. It is not known whether the business lines that might be affected include those in Asia.)
RBC Wealth Management is continuing a strategic review of its international business, the group's chief executive David McKay said last week, the Wall Street Journal reported.
McKay’s remarks came a week after RBC announced plans to exit another Caribbean operation through the sale of its Suriname bank.
“We continue to look at our international wealth franchise and to make decisions there,” he told reporters after the bank’s annual meeting in Toronto.
Options may include exiting from individual client segments or entire businesses that do not produce acceptable shareholder returns in the long term, according to the WSJ article.
As reported earlier this year, RBC is acquiring the US private and commercial bank City National Corporation for a cash and stock deal valued at $5.4 billion. The deal is expected to close in the fourth calendar quarter of 2015.
That news came after RBC said in November 2014 that it is shutting down its international client wealth management business in the Caribbean, along with some international advisory businesses in Canada and the US.