Canadian banks cash in on new cachet
by investor on 04/04/09 at 8:16 pm
Royal Bank of Canada is seeking to cash in south of the border on Canada’s new cachet as the soundest financial system in the world.
The bank, which has about 450 RBC Bank branches in the southern United States as well as wealth management and investment banking services, launched an advertising campaign a few weeks ago that, for the first time, clearly plays up its Canadian ties.
“What we’re doing now is taking advantage of the privileged position that Canadian banks are in,” said Jim Little, chief brand officer with Royal Bank of Canada in Toronto. “Are we the new Swiss? I don’t think so. We think there’s a window. It may not last forever.”
With more than 7,000 different banks to choose from around the country, most Americans have no idea or interest in whether theirs is Canadian-owned. But that is changing for a growing number of consumers and businesses who are concerned about the health of their banks as the U.S. financial system continues to teeter.
Whether it’s because of their “Canadianness” or simply their strong financial shape, Royal Bank’s RBC Bank, Bank of Montreal’s Harris Bank and Toronto Dominion’s TD Bank are seeing a surge in bank deposits, demand for loans and other business in the United States as their American rivals both big and small try to dig themselves out from years of reckless lending that has led to the massive U.S. government bailout of the industry.
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