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Not many saw it coming. The new CEO of the country’s largest bank had only been in the job since August. But in January, David McKay made his first big deal. Reflecting new emphasis on wealth management, RBC announced it was buying City National, a Los Angeles-based ‘celebrity’ wealth management firm for about US$5.4 billion. It is the biggest US acquisition ever by a Canadian bank. The head of City National will become head of RBC’s US wealth management division, and one of this country’s most conservative banks will take over a wealth management firm favoured by Hollywood royalty. It doesn’t get any more exciting than this in the Canadian wealth management space.
Royal Bank of Canada
200 Bay Street, Royal Bank Plaza, Toronto, ON, CA, M5J 2J5