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 electric 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 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.