RBC Investor & Treasury Services (RBC I&TS) will provide custody services for Aviva Canada, the country’s second largest property and casualty insurer.
The bank will also provide foreign exchange and security lending services on the insurance company’s corporate treasury assets.
David Linds, head of asset servicing Canada, RBC I&TS, believes the mandate reaffirms the position of Canada’s largest bank in the insurance sector.
“Our deep understanding of the insurance market, coupled with our leading custody and securities lending services, enables us to confidently provide clients such as Aviva Canada with best-in-class services to meet their evolving needs,” said Linds.
The mandate for RBC I&TS couples with its other custody and fund administration mandates with Canada’s top insurance companies, such as Sun Life Financial Canada and Industrial Alliance Insurance and Financial Services.