Jun 2010 Financial News

RBC moves up ranks with US$75b in market capitalisation

Jun 29, 2010

In addition to the success RBC has achieved in The Bahamas, the organisation has climbed the Canadian banking charts as it is now ranked as the 12th largest bank based on market capitalisation which now stands at US$75.3 billion.

The ascent into the upper echelon of the rankings comes after the bank was ranked 23rd in 2007 according to a Bloomberg report on the largest global investment banks. Ross McDonald, head of RBC Caribbean banking, said the strength of the bank has made it highly rated in many areas globally, which has allowed the organisation to earn the status that it has. “Canada’s banking system has been rated number one for safety and soundness in a global competitiveness report by World Economic Forum,” McDonald said.

“Within [Canada’s] strong banking system, RBC is the leader. It’s the largest bank in Canada based on market capitalisation, and RBC’s capital ratios and senior debt ratings are among the highest of financial institutions globally.” RBC’s debt ratings are among the best in the world, with the bank receiving a minimum grade of an “AA-” from four of the most recognised agencies in the world. The success the bank has received in Canada has translated to the country as the Bahamian-based operation has followed the same model as its Canadian counterpart.

Nathaniel Beneby, vice president and country head of RBC Bahamas, said the close relationship it has developed with the government has paid off and put the bank in a position to succeed. “Just as RBC has strong ties to government leaders in Canada, we work closely with the government in The Bahamas,” Beneby said. “We are the government’s bank, which puts us in a unique position to support the local economy. “RBC has been serving clients in The Bahamas since 1908, helping individuals, small business owners and companies gain solid financial footing.”

(The Nassau Guardian)


Source:
Trinidad Guardian
Tuesday June 29, 2010

http://guardian.co.tt/business/business/2010/06/29/rbc-moves-ranks-us75b-market-capitalisation