Canada Royal Bank's Westlake to head int'l banking
VANCOUVER, British Columbia (Reuters) - Royal Bank of Canada (RY.TO: Quote, Profile, Research) said on Friday that Jim Westlake, its domestic banking chief, has been appointed head of the group's international banking and insurance operations as Canada's biggest bank looks to focus more outside its home country.
Westlake replaces Peter Armenio, group head of U.S. and international banking, who plans to retire.
Royal's wealth management, capital markets, international banking, and insurance businesses all have mandates to expand outside Canada. The bank also recently made two foreign acquisitions, including the $1.6 billion acquisition of Alabama National BanCorp ALAB.O in the United States.
"Today's realignment sharpens our focus on RBC's international banking businesses," Royal Bank Chief Executive Gordon Nixon said in a statement.
Operations outside Canada have made up about a third of Royal's overall revenues in the past two years.
As a result of the Alabama National purchase, Royal unit and North Carolina-based RBC Bank has more than 430 branches and nearly 6,000 employees in the U.S. Southeast.
Dave McKay, currently head of Royal's personal financial services business, will replace Westlake as head of Canadian banking.
Royal Bank also said it will begin reporting financial results for five business segments in the third quarter, which begins May 1. The segments are Canadian banking, wealth management, international banking, capital markets and insurance.
($1=$1.02 Canadian)
(Reporting by Nicole Mordant; Editing by Rob Wilson)
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