Focus on investment banking is bearing fruit: Royal Bank was the sole adviser in the world’s largest bank merger in more than a decade
After shuffling its top investment-banking brass and adding more than a dozen senior bankers in recent months, Royal Bank of Canada is looking to advise its U.S. corporate clients on bigger deals.
“As our platform and relationships have grown, we expect we’ll start to work on larger, more strategic transactions,” Derek Neldner, Royal Bank of Canada’s global head of investment banking, said in an interview at the RBC Financial Institutions Conference, held this week in New York. “This is not an overnight success. We’ve been working at this for 10 years,” Chief Executive Officer David McKay said in an interview with Bloomberg Television. “When you’re with a client and with a strategy for the better part of a decade, clients reward you for that loyalty and being there.”
“We’re not really a competitor to many of our clients in the U.S.,” which helps RBC win advisory business with U.S. banks, Neldner said.
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