RBC CEO McKay Looks for Deals in U.S., Europe Wealth Management

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Jan. 10, 2022, 3:00 PM

Royal Bank of Canada Chief Executive Officer Dave McKay said the lender may seek to add to its wealth management unit in the U.S. and Europe through smaller, targeted acquisitions.

“Wealth distribution in the United States we continue to look at,” McKay said Monday at the RBC Capital Markets Canadian Bank CEO conference. Royal Bank is also looking at deals in “wealth distribution in Europe to enhance our European and global wealth franchise” and commercial banking in the U.S., he said.

Dave McKay

Photographer: Cole Burston/Bloomberg

Wealth management is a particularly attractive business for investment right now because it offers a high return on …