RBC expands business banking services in 12 countries
Providing localized access to banking services in Europe and Asia/Pacific
TORONTO, February 3, 2009 — Responding to Canadian-based
businesses' desire for more localized banking capabilities
abroad, RBC (RY on TSX and NYSE) has expanded its business
banking services into 12 additional countries throughout Europe
and the Asia/Pacific Region.
Comprehensive cash management services and products are now
available in the following European countries: Austria, Belgium,
France, Germany, Italy, Portugal, and Spain. In the Asia/Pacific
region, in addition to China, the countries included are:
Australia, Hong Kong, New Zealand and Vietnam.
RBC will act as a single point of contact in Canada for business
owners, and clients will continue to use RBC Express, an industry-leading,
electronic cash management suite of products and services.
This arrangement complements RBC's existing cash management
capabilities already offered through its UK-based office.
Similar cash management services in other regions will be
added in future, as RBC moves to enhance its global business
"Establishing banking arrangements abroad can often
be a complex process for businesses, no matter what their
size," explained Jana Henderson, director, Global Services,
RBC Royal Bank. "RBC is already supporting our business
clients' needs here in Canada and across North America; and
we're now able to provide consistent, dependable banking experience
for their international business needs as well. Our goal is
to let business owners focus on what's most important to them
- running their business."
Clients now have access to services that include, among others,
facilitating the opening of deposit accounts and payments
in local and foreign currencies, providing incoming/outgoing
domestic and international electronic payments such as wires
and direct deposits, and online access to electronic balance
and transaction reporting for all their accounts through RBC
Express, the online banking service familiar to clients of
RBC in Canada.
"Our expanded capabilities in Europe and the Asia/
Pacific regions are a direct result of client requests. In
fact, of the 10 per cent of RBC's clients who anticipate entering
the international arena within the next two years, one-in-five
have stated that they are looking at doing business in China,
while one-in-seven are planning activity in Europe or the
Asia/Pacific," added Ms. Henderson.
RBC's research also indicated clients want to be able to
exchange foreign currencies easily, to hold deposit accounts
in foreign currencies outside Canada, to go online to view
transaction activity and balances of accounts in foreign currencies,
as well as initiate payments drawn on their foreign accounts.
In addition, they want timely, effective advice and counsel
about international business banking. "We're continuing
to meet all those needs, and support our clients' success
wherever in the world they wish to do business," continued
RBC is able to facilitate these services through its agreement
with Deutsche Bank AG. RBC announced its intent to work with
Deutsche Bank to leverage its extensive financial services
infrastructure in May, 2008. RBC and Deutsche Bank finalized
the agreement in December, 2008. Terms of the transaction
were not disclosed.
RBC is recognized as Canada's financial services leader in
cash management, international trade finance, and foreign
exchange. RBC's most recent awards for global financing expertise
include Leading Bank in Cash Management, Technology, and Cross
Border/International Reach (Cash Management & Electronic
Business Banking - 2006, Maritz Research), No. 1 Canadian
Foreign Exchange, Dealer and Electronic Platform, 2007 (Euromoney
Magazine), and Best Trade Finance Bank in Canada, 2007 (Global
Finance Magazine). For more information, visit www.rbcroyalbank.com/go-global.
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Stephanie Lu, (416) 974-5506, firstname.lastname@example.org