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“RBC is one of the world’s largest and most sophisticated banks and Dave McKay has taken its performance to another level,” said Hugh MacKinnon, chair and chief executive of Bennett Jones and chair of Canada’s Outstanding CEO of the Year Advisory Board. “He is passionate about innovation and technology and is a steadfast champion of using them to shape the future of financial services.
Banking is no different. The whole discovery process in banking has been intact for 300 years — 150 years in our case — where the customer, when they have a financial need, comes to a traditional bank channel. Bank channels evolved, but people told their friends, maybe their family, then they told their banker what was going on in their life and what their financial need was: from buying a home, starting a company, investing, retiring.
FP: We called HSBC Canada the Bay Street belle of the ball when the Big Six banks were courting it. What ultimately made this the right match for RBC?: It’s a good match for RBC because it’s a good match for Canada. The HSBC deal is really good for Canada because it keeps all this capital in Canada. When HSBC Global decided to exit the Canadian marketplace, a Canadian buyer like RBC, paying $13.5 billion, does a bunch of things. One, it is really good for customers.
Source: Energy Industry News (energyindustrynews.net)
Raising service charges 1 year at a time
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