Royal Bank of Canada may spend as much as C$1 billion ($1.06 billion) to buy asset managers outside Canada as the country’s largest lender seeks to triple profit from wealth management in the next four years, according to Bloomberg.
“We would be interested in small and medium-sized acquisitions that could bolster our U.K., European and Asia equity capabilities,” said George Lewis, group head of wealth management, in a July 22 interview in Toronto.
Royal Bank set an annual profit goal of C$2 billion from wealth management by 2015, or three times more than the C$669 million it earned from the business in the fiscal year ended Oct. 31, Lewis said. About 30 percent of that growth is based on financial markets delivering a 6 percent average annual return over the period and “normalized” interest rates.
Read about it at http://www.bloomberg.com/news/2011-07-26/rbc-seeks-to-spend-as-much-as-c-1-billion-on-asset-management-takeovers.html
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