RBC Capital Markets, part of the Royal Bank of Canada, has announced the promotion of two seasoned investment bankers to leadership positions within its US advisory units, reported Reuters.

Neil Chawhan has been appointed as head of US insurance investment banking, while Saurabh Monga will co-lead the US specialty finance business.

Both individuals have served as managing directors at the investment banking division of Royal Bank of Canada since 2017.

Chawhan brings a wealth of experience to his new role, having previously spent nearly 16 years at Bank of America and a period at Stifel’s Keefe, Bruyette & Woods before joining RBC.

His expertise in the insurance sector is expected to drive growth and strengthen client relationships.

Saurabh Monga’s background includes nearly 17 years at Deutsche Bank and Bank of America, equipping him with the knowledge and skills to co-lead the specialty finance team alongside Eric Steifman.

Earlier in March this year, RBC Wealth Management, a division of RBC Capital markets, has expanded its Las Vegas operations with the recruitment of financial adviser Jordan Grangard.

Grangard, formerly of UBS, manages nearly $300m in assets and specialises in services for ultra-high-net-worth individuals and business owners.

Royal Bank of Canada has also reported a net income of C$16.2bn ($11.8bn) for the fiscal year ending 31 October 2024, marking an 11% increase from the previous year.

The acquisition of HSBC Canada contributed an additional C$453m to the net income. When adjusted for this inclusion, the bank’s net income still shows a robust 10% year-on-year growth.

Excluding the results from HSBC Canada, the bank’s pre-provision, pre-tax earnings saw a 7% rise, primarily driven by higher net interest income from personal and commercial banking due to volume growth and improved spreads.