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August 14, 2022
Finance Technologies

Canada’s RBC to create US digital bank for “super-affluent” consumers

Royal Bank of Canada (RBC) has revealed its plans to create a digital bank for “super-affluent” US consumers. Part of its bid to later create a “direct-to-consumer” business in the US, Canada’s biggest bank with $1.1 trillion assets says it will launch a new bank there later in 2020 or early next year. The bank’s US subsidiary, the Los Angeles-based City National Bank which largely serves a wealthy client base, has seen deposit growth lag behind its more affluent loan growth. The creation of a digital bank is therefore designed to boost deposit growth, initially enticing rich US citizens with the…
Canada’s RBC to create US digital bank for “super-affluent” consumers

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