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RBC opens office in India
MUMBAI, February 1, 2008 — 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 financial institutions.
"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 services."
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.
About RBC
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 contact:
Sobhagya PR
Sangeeta Irani, Tel: +91 9820060014,
Email: sobhagyapr@rediffmail.com
RBC
Beja Rodeck, 416 974 5506, Email: beja.rodeck@rbc.com
RBC Capital Markets & RBC Wealth Management
Beverley Weber, Tel: +44 20 7029 7685,
Email: beverley.weber@rbccm.com
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Gordon M. Nixon, president and CEO
of RBC, officially opens RBC's first (representative)
office in Mumbai, India. The office will provide correspondent
and trade finance services to Indian financial institutions,
capital markets products and services to corporations
and wealth management services to high net worth individuals.
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