Royal Bank of Canada Revamps U.S. Leadership

By Boraks, David | American Banker, March 14, 2003 | Go to article overview
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Royal Bank of Canada Revamps U.S. Leadership

Boraks, David, American Banker

Less than two years after acquiring Centura Banks Inc. of Rocky Mount, N.C., Royal Bank of Canada is shuffling managers of its U.S. retail operations.

This month Jon Legg became the president of the U.S. retail bank holding company, now known as RBC Centura Banks Inc. He succeeded Shauneen Bruder, who had been the unit's president since Royal Bank bought Centura for $2.2 billion in June 2001. Mr. Legg had been a senior vice president for operations and service delivery at RBC Banking, the parent company's retail banking division in Toronto.

The switch means that Ms. Bruder, who helped oversee Centura's integration with Royal Bank, is returning to Toronto. She will fill the newly created position of chief operating officer at Royal Bank's wealth management arm, RBC Investments, on May 1. The division includes another of Royal Bank's U.S. acquisitions, the Minneapolis brokerage now known as RBC Dain Rauscher.

H. Kel Landis 3d will remain RBC Centura's chief executive, a position he has held since the acquisition.

Ms. Bruder "was our primary connection point with Canada, having been a longtime RBC person," Mr. Landis, a longtime Centura executive, said in an interview. "One of her primary responsibilities was integration, and that has gone very well."

RBC Centura's earnings in the quarter that ended Jan. 31 grew 3.4% from a year earlier, to $60 million, mainly because of a booming mortgage business. Altogether, U.S. businesses generated 14% of Royal Bank's fiscal first-quarter profits, up from just 4.5% a year earlier.

And, as planned, Royal Bank has used Centura as a stepping-stone for expansion in the Southeast. In July, RBC Centura bought Eagle Bancshares in suburban Atlanta for $149 million. In January it expanded into Florida with the $150 million purchase of Admiralty Bancorp Inc. of Palm Beach Gardens.

Royal Bank also has merged an earlier U.S. acquisition, the Chicago mortgage firm Prism Financial Corp.

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