Providing localized access to banking services in Europe and Asia/Pacific
TORONTO, Feb. 3 /CNW/ - 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 banking services.
"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
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 Ms. Henderson.
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.
For further information:
For further information: Media contact: Stephanie Lu, (416) 974-5506,