Taylor Swift concert sponsorship helps RBC add 600K clients in Q4, CEO says – National [Video]

Royal Bank of Canada, the country’s biggest bank, beat quarterly profit expectations, helped by its acquisition of HSBC’s domestic business and strength at its wealth management arm, sending shares to a record high on Wednesday.

CEO Dave McKay told analysts the bank added over 600,000 clients to its Canadian banking business, also helped by its sponsorship of singer Taylor Swift’s Toronto and Vancouver tour. RBC saw higher client interest in the U.S., a key market for its wealth management business.

National Bank, the smallest of Canada’s six large banks – which together control over 90 per cent of the domestic market – also reported earnings above estimates, helped by a rise in income at its wealth management arm.

The wealth management business has been a big focus for Canadian banks as more high-net-worth clients and others are increasingly opting for services and advice to secure their financial futures.

RBC’s wealth management …