TORONTO (Reuters) - Royal Bank of Canada (RY.TO) is eager to add asset management capacity in emerging markets and would consider making acquisitions worth more than $1 billion to do so, the bank's chief financial officer said on Tuesday.
"We're looking at adding capacity to some degree in emerging markets," CFO Janice Fukakusa told the Morgan Stanley U.S. Financials Conference in New York.
"To add any more capability in Canada would be nice, but the opportunities are more in emerging markets or outside of Canada."
RBC is among a small group of bidders for the non-U.S. wealth management business of Bank of America (BAC.N), sources told Reuters in May. The business, located in Europe, the Middle East, Latin America and Asia, is expected to cost $1.5-$2 billon.
Fukakusa did not address the BofA assets specifically, but she pointed to RBC's acquisitions of wealth managers Phillips, Hager & North in 2008 and BlueBay Asset Management in 2010 as examples of acquisitions of a size the bank was comfortable with.
The bank paid $1.4 billion for Phillips, Hager & North and $1.5 billion for BlueBay.
RBC is Canada's largest bank and the world's sixth-largest wealth manager.
Reporting By Cameron French; Editing by Janet Guttsman