RBC CEO says Trump administration could be boost for bank's U.S. operations

The Canadian Press
Published on January 10, 2017

TORONTO — RBC CEO Dave McKay says he expects stronger economic growth south of the border as the new Donald Trump administration takes over — something that would benefit the bank's U.S. franchise.

Speaking at the RBC 2017 Canadian Bank CEO Conference, McKay says he's anticipating that the new administration will implement pro-growth policies.

McKay says that could lead to higher interest rates, which would be a positive for Royal Bank's (TSX:RY) operations in the U.S.

He says RBC has strong opportunities to expand its capital markets business in the U.S.

Speaking at the same conference in Toronto, CIBC CEO Victor Dodig says it's premature to speculate what policies Trump may implement.

Dodig says there are some inconsistencies in the Trump administration's messaging about protectionism and trade policies.

"Speculating about administrations and politics is not what I'm paid to do," Dodig said. "What we're paid to do is make sure that we can increase shareholder value with whoever runs any particular country that we choose to operate in."

 

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The Canadian Press