Saturday, March 17, 2007

RBC Insurance to Open More Offices

Financial Post, 17 March 2007

Royal Bank of Canada is speeding up plans to add more insurance offices across Canada after opening 13 in almost two years. "The pace of the program is accelerating," RBC Insurance chief executive Neil Skelding said in an interview yesterday. "We have many, many more openings planned this year on our way to a much larger number, probably closer to 100." Royal Bank opened two insurance offices in the past five months, bringing the total to 13 in Ontario, Quebec and Nova Scotia. Physical constraints, such as finding storefronts beside branches, remain the biggest challenge, according to Mr. Skelding. Royal Bank has led the push by Canada's lenders to add offices to take a bigger share of the country's $103-billion insurance market.