Royal Bank of Canada (RBC) has joined the IBOS international banking network to access the wide range of cross-border and local banking services, in support of its Canadian client base who are expanding their business globally. Canada is also a destination country for investment by clients of several other IBOS partner banks and RBC has been able to field those referrals, opening accounts and related services for customers who are often new to the Canadian environment.
“RBC is known for its leading edge Global Banking Service that provides value to our customers who require banking services outside of Canada however, the ever increasing complexity of regulatory compliance can make banking abroad a major challenge. We would not be successful in delivering our services without IBOS,” Mary Ellen Brown, vice-president, Business Deposits and Trade Services, RBC. “IBOS is integral for how we deliver our services, offering our clients access to a broad group of financial institutions that share similar goals to help them with their banking needs. We are equally delighted to accept in Canada the clients of other IBOS member banks.”
Bob Lyddon, General Secretary of IBOS, said: “It is great to have a bank of the quality and international credentials of RBC join the Association, and with excellent on-the-ground coverage and local services in Canada. RBC has come with a fresh pair of eyes and made many positive suggestions as to how to move IBOS forward. We look forward to an excellent working relationship for many years to come.”
IBOS stands for International Banking - One Solution. It is an association which fosters inter-bank cooperation. Its members are drawn from the ranks of the world's largest banks, and include Santander, HSBC, UniCredit, Intesa Sanpaolo, KBC, RBS, Ulster Bank, Nordea, US Bank and Royal Bank of Canada.
The IBOS banking network covers 22 countries and gives its members access to 91% of the GDP of Europe and the Americas combined, and access to 57% of total global GDP.