(1) AUA – RBC represents the AUA for RBTT as at September 30.
(2) RBC Dexia Investor Services represents the total assets under administration as at September 30 of the joint venture established January 2, 2006, of which we have a 50% ownership interest.
(3)   AUM – RBC represents the AUM for RBTT as at September 30.

INTERNATIONAL BANKING includes RBC’s banking businesses in the U.S. and Caribbean, as well as global custody and investor services.

 
 

Our U.S. banking operations offer a wide range of financial services and advice, including a complete line of banking services to individuals, businesses and public institutions throughout the southeastern U.S. Our network includes 439 full-service banking centres, an extensive ATM network, and telephone and online banking. We are now among the top five deposit holders in North Carolina and rank seventh overall as measured by deposits in our six-state southeastern banking footprint (North Carolina, South Carolina, Virginia, Georgia, Alabama and Florida).

In the Caribbean, we have one of the most extensive banking networks, with operations in 17 countries and territories. We provide banking solutions to individuals and businesses throughout our network of 127 branches.

Our U.S. and Caribbean banking business includes our cards operations, which provide a wide range of solutions for personal, business and merchant clients in more than 18 countries.

We have a 50% ownership in RBC Dexia IS, which offers a complete range of investor services, such as custody and fund administration, to institutions worldwide.
   
  2008 Key performance highlights
•  Net loss of $153 million compares to net income of $242 million a year ago. This was mainly attributable to a higher provision for credit losses, and writedowns and losses on our investment portfolios.
•  Total revenue increased $186 million, or 10%, from last year, due primarily to loan and deposit growth from our Alabama National BanCorporation (ANB) and RBTT acquisitions.
•  Average loans and acceptances and deposits grew 21% and 24%, respectively, due largely to our ANB and RBTT acquisitions.
•  Assets under administration through RBC Dexia IS decreased to $2.585 trillion, or a 5% decrease from 2007 as a result of the capital depreciation on client assets.
   
  Business achievements in 2008
•  Following the integration of our acquisition of RBTT, our clients have access to one of the most extensive banking networks in the Caribbean. Our Caribbean operations as of October 31, 2008, have more than US$22 billion in assets, 127 branches, with approximately 7,000 employees serving more than 1.6 million clients.
•  In the U.S., we successfully integrated our acquisition of ANB by retaining client-facing employees and leveraging their local market expertise with technology and management resources to improve the client experience. The acquisition added more than 100 banking locations to our branch network. Our U.S. banking operations, which were ranked 40th largest in the U.S. by assets (as of June 30, 2008), serve approximately one million clients in six southeastern states.
•  In 2008, RBC Dexia IS was distinguished in several important industry rankings: number one global custodian for a record fifth consecutive year (Global Investor, 2004–2008), number one provider of global custody services in Canada, Europe and U.K. (R&M Consultants, 2008), transfer agent of the year (ICFA, 2008) and global custody client relationship manager of the year (ICFA, 2008).
   
  2009 and beyond
•  In the U.S., we will refine our operating model to improve efficiencies and enhance our competitiveness in our southeastern footprint while remaining consistent with our risk management discipline.
•  We will focus on building our U.S. banking business and commercial strategy to develop a robust retail strategy that provides our clients with an integrated experience and a full product suite to serve their needs.
•  We will focus on integrating RBTT’s infrastructure, technology, products and services to provide a common platform for growth and expansion in the Caribbean.
•  We will focus on leveraging the strength of RBC and RBTT’s combined operations and infrastructure to pursue opportunities in high-growth markets such as the Spanish Caribbean and Central and South America.
•  We will focus on pursuing growth strategies with RBC Dexia IS that include strengthening our global client franchise, building new value-added products and expanding our presence in high-potential markets.
•  We will work to leverage our size, scale and expertise in Canada to significantly grow our international credit card business.