Canadian banks look to U.S. for growth amid strong economic recovery

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TORONTO — Canadian bank CEOs say they are looking to grow their U.S. operations as the country shows a strong economic rebound from the COVID-19 pandemic.

Speaking at the virtual Scotiabank Financials Summit, RBC CEO Dave McKay says the bank is looking to use its base in the U.S. to tap into the potential $60 billion to $70 billion of mid-sized corporate revenue up for grabs in lending and transactions.

McKay says the bank is using the base of its City National Bank, the Los Angeles-based operation it acquired in 2015, to drive growth in both corporate and high net-worth clients.

Scotiabank CEO Brian Porter says the bank wants to expand in the U.S., especially on the wealth management side and is considering acquisitions to do so.

BMO chief executive Darryl White said the bank continues to expand its capacity in the U.S., allowing it to open new business on the commercial side in places like Florida, Texas and in Colorado as recently as a couple of weeks ago.

TD Bank CEO Bharat Masrani says the bank already has a large presence in the country with over 10 million clients, but they continue to build out their capacity, including in their wealth management offerings.

The U.S. recorded GDP growth of 6.6 per cent in the second quarter, while Canada’s GDP saw a revised dip of 0.3 per cent.

Companies in this story: (TSX:BNS, TSX:RY, TSX:TD; TSX;BMO)