(Reuters) – Royal Financial institution of Canada plans to open a client financial institution in the USA early subsequent yr focusing on rich purchasers, with the intention of increasing deposits, its chief monetary officer informed Reuters on Friday after the financial institution posted first-quarter revenue that beat expectations.

The Royal Financial institution of Canada (RBC) emblem is seen outdoors of a department in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

“We need to broaden the product and repair providing that we’ve got (within the U.S.), just like what we’ve got in Canada,” CFO Rod Bolger stated. RBC’s client financial institution would initially concentrate on high-net-worth purchasers in U.S. however finally…

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