Royal Bank of Canada is expanding its services to include a cash-management business in Canada. This move is 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 cash-management services specifically tailored for Fortune 1000 companies, offers comprehensive treasury and liquidity-management solutions. This expansion reflects the bank’s commitment to growth and innovation in meeting the evolving needs of its clients. By offering these new services, Royal Bank of Canada aims to provide its clients with a more holistic financial solution, further establishing itself as a trusted partner in the industry.
CEO Dave McKay hinted at the bank’s plans to introduce these services during investor calls, and the official announcement was made on Tuesday. This strategic move by Royal Bank of Canada aims to capture a larger share of its clients’ spending and solidify its position in the market. 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.
