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Royal Bank of Canada is carving out a business line to expand its United States and Canadian cash-management services, part of a bid to win more work from corporate clients as it pushes further into European, Middle Eastern and Asian markets.
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Derek Neldner, group head of capital markets, and Sean Amato-Gauci, who leads the commercial banking division, will be co-heads of the global transaction banking business, RBC said in a statement Tuesday. The new structure won’t change the bank’s financial reporting, it said.
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“Being more globally connected isn’t just about where we operate,” chief executive Dave McKay said in the statement, adding that the bank aims to help clients “move money, manage liquidity and risk, and operate seamlessly on an international basis.”
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RBC, Canada’s largest lender, is already a leader in transaction banking at home and launched a U.S. cash-management platform in 2024. Managing clients’ cash flow can deepen a bank’s ties with those businesses and also offers an extra source of deposits, which can be used to fund lending.
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Kartik Kaushik, who joined the firm from Citigroup Inc. in 2022 to build and launch the U.S. cash-management platform, will run product strategy and innovation for the new business line. Michael Klopchic, a senior vice president in the commercial bank, will lead client coverage and sales execution. Both will report to Neldner and Amato-Gauci, the bank said.
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