RBC Royal Bank named Latin American & Caribbean Retail Bank of the Year by Retail Banker International

TORONTO (CANADA) – June 29, 2020 — RBC Royal Bank (RY on TSX and NYSE) (“RBC”) has been named as the Latin American & Caribbean Retail Bank of the Year by Retail Banker International (RBI). The announcement was made at RBI’s annual conference and award ceremony held in London on June 24.

RBC Caribbean was honoured for its continued commitment to clients while it embarked on a major transformative journey across the region starting in 2012 and continuing to this day.

“In 2012, things were not looking great for our Caribbean bank,” said Rob Johnston, Head of Caribbean Banking, Royal Bank of Canada. “Our ‘net income after taxes’ was dismal and trending downward. Our operations were disconnected and our potential for innovation and growth seemed limited. We knew we needed to change, and fast.”

RBC began to examine its branch network and looked deeper into their clients’ banking trends. The result was a push to turn traditional banking halls into digitally-enabled locations were clients could benefit from expert financial advice. The bank also moved from a market-based structure to one that was more regional in nature – creating dedicated lines of business focusing on retail, specialized sales, and high net-worth. Internally, RBC introduced “Pan-Caribbean Centres of Excellence” which helped bring out the skills and talents of its regional teams to work better together as “One RBC.” Most importantly, the bank made unprecedented investments in its physical and digital channels, including mobile apps, retail branches, Private Banking, and Advice Centre call centre capabilities.

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