Collaboration agreement to focus on
building banking solutions that simplify the financial transition
for newcomers from the time they choose Canada to their arrival and beyond
TORONTO, Aug. 19,
2022 /CNW/ - Royal Bank of Canada (RBC) and ICICI Bank Canada, a
wholly-owned subsidiary of ICICI Bank, today announced a
collaboration to bring integrated banking solutions to newcomers
moving to Canada. With this
arrangement, newcomers will benefit from the trust of the ICICI
Bank brand, combined with RBC's network, offerings and scale in
Canada.
"With immigration in Canada
poised to reach record-high levels in the years ahead, we're
excited to work with ICICI Bank Canada to offer newcomers
everything that's needed for a great financial start," said
Neil McLaughlin, Group Head,
Personal & Commercial Banking, RBC. "From opening a bank
account, to accessing a credit card, to applying for a mortgage,
this collaboration will help ensure newcomers have access to the
products and advice they need in order to thrive in Canada."
The collaboration between the two banks includes the launch of a
program for newcomers who are international students participating
in the Government of Canada's
Student Direct Stream (SDS), a program that helps its participants
expedite the study permit application process. The SDS program,
among other things, requires a student to have a Guaranteed
Investment Certificate (GIC) of $10,000 or more from an eligible Canadian
financial institution. Upon arrival in Canada, international students who hold such a
GIC with ICICI Bank Canada will have the option to seamlessly
connect with an RBC advisor to review their financial needs and
also have the proceeds from their ICICI Bank Canada GIC deposited
into an RBC personal deposit account.
"ICICI Bank is committed to serving Indians across the globe. As
India is the largest source
country for international students coming to Canada, we have many student clients who
choose to purchase a GIC from ICICI Bank Canada for our speed of
execution, easy access and 24/7 customer support in both countries.
In this endeavour, we are delighted to have RBC as our valued
collaborator to service newcomers to Canada in a comprehensive manner. While our
initial offering focuses on the needs of international students
from India, we look forward to
expanding on our collaboration with a full line-up of customized
solutions for all newcomers," said Sandeep
Goel, President and CEO, ICICI Bank Canada.
About RBC
Royal Bank of Canada is a
global financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 89,000+ employees who leverage their imaginations and insights
to bring our vision, values and strategy to life so we can help our
clients thrive and communities prosper. As Canada's biggest bank and one of the largest
in the world, based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn
more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
About ICICI Bank Canada
ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank
Limited (NYSE: IBN), a leading private sector bank in India. The Bank's total assets stood at
US $ 220.68 Billion at June 30,
2022. Active in all provinces and territories, ICICI Bank
Canada conducts business as a full-service direct bank under
Canada's Bank Act. Visit
icicibank.ca to learn more.
SOURCE RBC Royal Bank