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Rediff News  All News  » Business » Royal Bank of Canada to set up India arm

Royal Bank of Canada to set up India arm

May 15, 2007 15:12 IST

Royal Bank of Canada, a leading North American financial service organization, will set up a representative office in India to explore possibilities of business opportunities in rapidly growing financial sector.

"RBC will soon establish a representative office in Mumbai and is in the process of seeking local regulatory approval.

Through direct representation in India, RBC will be better placed to begin exploring its strategic options in the country," Beja Rodeck, spokesperson of the RBC said on Monday.

The bank is interested

in increasing its activities in countries where there is a match between our skills and local needs or demand, he said.

RBC has recently entered into a joint venture in China and opened three branches in Asia- Hong Kong, Beijing and Brunei- where we have both capital markets and wealth management capabilities, he said.

"We are in the process of hiring a chief representative for our Mumbai office," he said.

The bank provides provides banking, insurance and wealth management products and services to individuals and corporate customers, he said.

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