Royal Bank of Canada is expanding its services to include a cash-management business in Canada, aimed at further meeting the needs of its clients and enhancing its relationship with them. The bank, which is Canada’s largest, has not previously provided treasury and liquidity-management services to its clients in the US, despite working closely with them on various financial services.
RBC Clear, the new services offered by the bank, are specifically tailored for Fortune 1000 companies, offering them comprehensive treasury and liquidity-management solutions. This expansion is a strategic move by Royal Bank of Canada to capture a larger share of its clients’ spending and solidify its position in the market. By offering these new services, the bank aims to provide its clients with a more holistic financial solution, further establishing itself as a trusted partner in the industry.
CEO Dave McKay has hinted at the bank’s plans to introduce these services during investor calls, and the official announcement was made on Tuesday. The expansion into the cash-management business in its “second home market” reflects the bank’s commitment to growth and innovation in meeting the evolving needs of its clients. With RBC Clear, the bank is poised to strengthen its presence in both Canada and the US, delivering value-added services to its corporate clients.