In a globalised world, domestic strength is no longer enough. In the case of RBC Capital Markets, the investment banking arm of Royal Bank of Canada, may have a dominant position in Canada (according to data provider, Thomson Financial, it is first in M&A, syndicated loans, debt capital markets and equity capital markets) but the Canadian market is small and offers only a limited opportunity for expansion. Further growth will have to be international.
“The arithmetic is simple; we have 15% to 20% market share in Canada – and we will work hard to grow that – but Canada represents less than 2% of global markets. Growth will have to come from outside Canada,” says Chuck Winograd, RBC Capital Markets CEO.