Royal Bank of Canada reviewing insurance operations

The Royal Bank of Canada chief executive David McKay has said that the bank has been reviewing its local property/casualty insurance operations, reported Bloomberg.

Mr. McKay said that the insurer has been facing difficulties as a result of rules that prohibit banks from selling insurance in branches.

This has made distribution of insurance products difficult and costly, added Mr. McKay.

"We're not sure we're going to be in that business for the long term," Mr. McKay said.

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