CFO: Royal Bank of Canada Looks for C$5 Billion Wealth Acquisitions

June 12
10:39 PM 2013

On Wednesday, the Chief Financial Officer for Royal Bank of Canada, Janice Fukakusa said that the bank could generate wealth management acquisitions that are valued up to C$5 billion.

Royal Bank of Canada is looking for capacity additions to the equity side of its asset management, given where the fixed income cycle is. This was according to the CFO of the said bank. Fukakusa gave the statement during the Morgan Stanley US Financials Conference in New York.

Fukakusa added that they are not betting the bank for bite size deals stating that said deals would be around US$1 billion to US$3-US$5 billion.

Royal Bank of Canada is the country's biggest and actively growing bank. Its growth is directed on wealth management business in the last few years. The most notable acquisitions were of UK wealth manager BlueBay Asset Management last 2010. The acquisition was priced at US$1.5 billion.

RBC shares were decreased by 40 Canadian cents at C$59.02 on the Toronto Stock Exchange.

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