Royal Bank of Canada focused on wealth distribution, U.S. commercial banking for deals- CEO

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By Nichola Saminather

© Reuters/CARLOS OSORIO FILE PHOTO: Financial institutions in the financial district of Toronto

TORONTO (Reuters) – Royal Bank of Canada remains focused on wealth distribution businesses in the United States and Europe, and commercial banking businesses in the U.S., its chief executive said on Monday.

“We’re not missing any capabilities, this is about scaling into new geographies in the United States, about scaling in ability, therefore we’re very selective,” Dave McKay said at the RBC Capital Markets CEO conference.

The bank also maintains its low-single-digit growth forecast for non-interest expenses for fiscal 2022 despite concerns of surging inflation, and can slow down some investment and take out costs if it needs to, McKay said.

(Reporting By Nichola Saminather)

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