RBC injected about $3 billion this year into US unit to boost capital
© Reuters. Security cameras point towards pedestrians outside the Royal Bank of Canada headquarters in Toronto, Ontario, Canada March 16, 2017. Picture taken March 16, 2017. REUTERS/Chris Helgren/File Photo
RBC, Canada's top lender, said in September that it had infused fresh capital into City National, without elaborating, as it struggled amid the U.S. regional banking crisis. City National CEO Kelly Coffey in statement to Reuters on Tuesday said that the capital injection"is intended to further strengthen the capital and liquidity position of our balance sheet, while also being used to pay down higher cost borrowing."
RBC CEO Dave McKay has previously acknowledged that a higher cost of doing business was reducing the profitability of U.S. regional banks and said in August that City National was"not immune to these factors."
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