Royal Bank of Canada offers one-stop-buck-shop

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TORONTO -- Canada's largest financial institution, The Royal Bank of Canadawith headquarters in Toronto, has begun opening superstores across thecountry, offering the combined services of its banking, trust and investmentdealer units.

The bank plans to open a total of 78 superstores over the next two years, toreplace some of its 1,400 Royal Bank branches and 99 Royal Trust unitbranches. It's not clear how many will be affected.

However, few jobs are expected to be lost since the superstores will createhundreds of new jobs in telephone banking. The bank hopes to attract moremutual funds investment and estate management and expects to earn $55m in newannual revenue by the year 1999, while saving about $74m from the higher useof electronic services.

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Copyright October 1996, Crain Communications Inc.

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