Orion Royal Bank

Richard Roberts and Christopher Arnander

Chapter Chapter 10 in Take Your Partners, 2001, pp 161-176 from Palgrave Macmillan

Abstract: Abstract In the 1970s, under the leadership of Earle McLaughlin, Royal Bank rapidly expanded its international activities. At the time of his retirement in 1980, McLaughlin estimated that as head of the bank he had clocked up 2.4 million kilometres of air travel with 2456 takeoffs and landings.1 In that year, Royal Bank’s international presence comprised 200 branches and other operating units in 45 countries. McLaughlin’s successor, Rowland Frazee, was also an internationalist, declaring that his mission was to make Royal Bank a ‘global-minded institution.’2 There was a sound commercial logic to the thrust overseas — overseas operations offered greater scope for growth and profits than the crowded domestic market; at the time Royal Bank acquired Orion, international banking contributed 51 per cent of the bank’s profits but comprised only 38 per cent of its assets. Both Royal Bank’s participation in Orion as a consortium bank in 1970 and the buy-out of the other consortium participants in 1981 were part of a broader internationalization of Royal Bank’s business.

Keywords: Chief Executive; Investment Banking; Secondary Market; Canadian Dollar; League Table (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59651-1_11

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DOI: 10.1057/9780230596511_11

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