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Canadian banker says US banks need consolidation

Canadian banker says US banks need consolidation

A Royal Bank of Canada executive who oversees the company's international operations said the U.S. financial industry needs more consolidation.
But Jim Westlake warned during a visit to Raleigh on Wednesday that acquisitions have been complicated by the government's ongoing effort to keep banks afloat.
Westlake guides RBC's work outside of Canada, including its Raleigh-based U.S. headquarters. He said the U.S. government's bank bailout has been a "made-in-U.S. solution." He said it would be prudent for the government to allow well-capitalized foreign banks to participate more in the market.
RBC has built its presence in the U.S. Southeast through three acquisitions in the past few years.