RBC to open European leveraged bank in London

Source: Exec Digital Canada

Date :3/4/2008 1:37:31 AM

Despite a slump in the debt markets, Canada’s largest bank, Royal Bank of Canada, is to open a European leveraged finance business in London.

RBC Capital Markets, the corporate and investment banking division of RBC has appointed Nick Atkinson, Warrick Booth, Paul Brady and John Williams as directors to establish the business, the Financial Times reported.

It is expected that up to 15 more appointments will be made in the near future, the newspaper said.

Well-placed

Beverley Weber, an RBC representative, said: “We want to take the opportunity to build a core team now, so that by the time the markets pick up we will be well-placed to take advantage of it.”

RBC has already established a leveraged finance business in North America and an infrastructure finance business in Europe, which it will use to develop its European leveraged loan business, the FT said.

Balance sheet

The growth of the bank’s balance sheet, announced in its first-quarter results on Friday, has driven the company to establish the new business.

RBC’s total assets increased to $633 billion in the first quarter of 2008, compared to $572 billion at the same time in 2007.

March 04, 2008