Royal Bank of Canada (RBC) is continuing a strategic review of its international wealth-management business with consideration for more asset sales, The Wall street journal has reported.
"We continue to look at our international wealth franchise and to make decisions there," the publication quoted RBC CEO David McKay as saying.
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McKay’s remarks indicated more pruning of the bank’s international wealth-management division, come about a week after RBC revealed its plans to exit a Caribbean operation through the sale of its Suriname bank.
McKay said: "Those franchises that don’t meet that test — as we just did in Suriname and Jamaica — we will make that type of decision.
"If we can rectify in other ways, we’ll do that through changing our business. So we continue to go through that process, as I mentioned in the Caribbean, and look at marketplaces where we don’t feel we can serve our customer efficiently, effectively and profitably."
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