MUMBAI, Feb. 1 /CNW/ - RBC (RY on TSX and NYSE), the largest bank in
Canada, today announced that it has entered the Indian market by opening its
first (representative) office in the financial hub of Bandra Kurla, Mumbai.
RBC has a three pronged approach to India:
- To provide capital markets products and services including global
debt funding to Indian banks and corporations;
- To provide wealth management services for high net worth individuals;
- To provide correspondent banking and trade finance services to Indian
"The strong growth of the Indian economy presents huge opportunities,"
said Gordon M. Nixon, RBC president and chief executive officer. "RBC is
committed to expanding outside North America into areas where we can show
competitive strength and India is a natural choice for our strategy in Asia.
India is showing an increasing demand for areas in which RBC has competitive
strengths - infrastructure and project finance, energy, metals and mining,
structured products, currency and bond trading, and wealth management
Akhauri Sinha, country head, RBC India, will lead RBC's overall
operations in India, while Dipendarra J. Singh will lead RBC's wealth
management business with a focus on high net worth individuals, and
Vikas Jambotkar will focus on providing RBC services to Indian financial
institutions, as well as capital markets services to corporations.
With people from India comprising the second highest Asian immigrant
population in Canada after China, RBC is now well positioned to help them
invest back into India's buoyant economy. "Indo-Canadians have made and
continue to make a huge contribution to the fabric of Canadian life. Their
presence and cosmopolitan imprint on our cities, especially Toronto and
Vancouver, have been profound. They form an important, indeed critical, link
between India and Canada," continued Mr. Nixon.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate
under the master brand name of RBC. We are Canada's largest bank as measured
by assets and market capitalization and one of North America's leading
diversified financial services companies. We provide personal and commercial
banking, wealth management services, insurance, corporate and investment
banking, and transaction processing services on a global basis. We employ
approximately 70,000 full- and part-time employees who serve more than
15 million personal, business, public sector and institutional clients
throughout offices in Canada, the U.S. and 36 other countries. For more
information, please visit www.rbc.com.
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For further information:
For further information: Sobhagya PR, Sangeeta Irani, Tel: +91
9820060014, Email: firstname.lastname@example.org; RBC, Beja Rodeck, (416)
974-5506, Email: email@example.com; RBC Capital Markets & RBC Wealth
Management, Beverley Weber, Tel: +44 20 7029 7685, Email: