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.

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.

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