RBC Capital Markets continues as the clear leader in Canadian corporate banking this year by securing the top spot in investment banking, debt capital markets, equity capital markets, large corporate cash management, and trade finance.

A new Greenwich Report released today, Expanding International Needs Buoy Canadian Corporate Banking Activity in a Weak Economy, shows gains in corporate clients and market share over the past 12 months lifted RBC to either sole first place or a tie for first place in each of the corporate banking business lines represented in Greenwich Associates 2015 Share and Quality Leaders.

“Banks competing for the business of Canada’s largest companies are navigating a changing market in which a weak domestic economy is dampening corporate activity and corporate demand for banking services is increasingly driven by companies’ growing international needs,” says Greenwich Associates consultant Peter Kane.

Large Corporate Cash Management
Despite companies’ expanding needs for international cash management service, Canadian banks retained their positions atop the market due to their dominant domestic cash management businesses. Scotiabank and RBC Capital Markets share the lead with statistically identical market penetration scores of 38%-40 and are the 2015 Greenwich Share Leaders in Canadian Large Corporate Cash Management. The 2015 Greenwich Quality Leaders are BMO Capital Markets and TD Securities.

Large Corporate Trade Finance
Similarly, Canadian banks dominate the list of 2015 Greenwich Share Leaders in Large Corporate Trade Finance. Scotiabank and RBC Capital Markets are deadlocked at the top of the market with penetration scores of 34%-37%. The 2015 Greenwich Quality Leaders in Large Corporate Trade Finance are BNP Paribas, BMO Capital Markets and Scotiabank.

“Canadian banks’ control of lead and secondary trade-finance relationships with large Canadian companies gives them a meaningful competitive advantage in this business,” says Greenwich Associates consultant Andrew Grant.

Investment Banking
BMO Capital Markets, CIBC, RBC Capital Markets, and Scotiabank are all considered important M&A advisors by a statistically identical 52%-56% of large Canadian companies and are the 2015 Greenwich Share Leaders in Canadian Investment Banking. The 2015 Greenwich Quality Leaders in Mergers & Acquisitions are BMO Capital Markets, RBC Capital Markets and Scotiabank.

Debt Capital Markets
Success in the Canadian Debt Capital Markets business requires a strong presence among both large companies and government issuers, and robust distribution capabilities that for certain dealers extend south of the border and overseas. The firms at the top of the list of 2015 Greenwich Share Leaders show strength in all these areas. BMO Capital Markets and RBC Capital Markets lead with market penetration scores of 63%-67%.  RBC Capital Markets is the 2015 Greenwich Quality Leader in Canadian Debt Capital Markets.

Equity Capital Markets
Proven institutional distribution capabilities are the biggest driver of Canadian companies’ equity capital markets business, followed by equity analyst quality. Although companies rate several Canadian banks strongly for analyst quality, no competitor can match the strong presence across distribution and research demonstrated by the 2015 Quality Leader in Canadian Equity Capital Markets, RBC Capital Markets.