RBC and ICICI Bank Canada collaborate to create a seamless banking experience for newcomers to Canada

Collaborative agreement to focus on creating banking solutions that make it easier for newcomers to transition financially the moment they choose Canada when they arrive and beyond

TORONTO, August 19, 2022 /CNW/ – Royal Bank of Canada (RBC) and ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank, today announced a collaboration to provide integrated banking solutions to newcomers Canada. Through this arrangement, newcomers will benefit from the confidence of the ICICI Bank brand, combined with RBC’s network, offerings and scale in Canada.

“With immigration in Canada poised to reach record levels in the years to come, we are excited to work with ICICI Bank Canada to provide newcomers with everything they need for a healthy financial start,” said Neil McLaughlin, Group Head, Personal and Commercial Banking, RBC. “From opening a bank account, to accessing a credit card, to applying for a mortgage, this collaboration will help ensure that newcomers have access to the products and advice they need. need 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 from Canada Student Direct Stream (SDS), a program that helps its participants speed up the study permit application process. The SDS program, among others, requires a student to have a Guaranteed Investment Certificate (GIC) of $10,000 or more at an eligible Canadian financial institution. On arrival in Canadainternational students who hold such a GIC with ICICI Bank Canada will have the ability to easily contact an RBC advisor to discuss their financial needs and also have the proceeds of their ICICI Bank Canada GIC deposited into an RBC personal deposit account.

“ICICI Bank is committed to serving Indians around the world. As India is the largest source country for international students coming Canada, we have many students who choose to buy a GIC from ICICI Bank Canada for our speed of execution, easy access and 24/7 customer support in both countries. In this endeavor, we are delighted to have RBC as our valued collaborator to serve newcomers to Canada in an understanding way. Although our initial offering focuses on the needs of international students from Indiawe look forward to expanding our collaboration with a full range of customized solutions for all newcomers,” said Sandeep GoelPresident and CEO, ICICI Bank Canada.

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principle-driven approach to delivering industry-leading performance. Our success comes from the more than 89,000 employees who use their imaginations and ideas to bring our vision, values ​​and strategy to life so we can help our customers thrive and communities thrive. As from Canada largest bank and one of the largest in the world, based on market capitalization, we have a diverse business model focused on innovation and delivering exceptional experiences to our 17 million customers across Canada, the United States and 27 other countries. For more information, visit rbc.com.

We are proud to support a wide 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 bank in India. The Bank’s total assets were US$220.68 billion at June 30, 2022. Active in all provinces and territories, ICICI Bank Canada operates as a full-service direct bank under from Canada Banking Act. Visit icicibank.ca to learn more.


For further information: Heather Colquhoun, RBC Communications, [email protected]; Shweta Patheja, ICICI Bank Canada, [email protected]