RBC CEO says tech firms pose threat, eyes start-up partnerships

April 10, 2015 6:44 PM

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TORONTO, April 10 (Reuters) - Technology companies pose a competitive threat to established lenders, the head of Royal Bank of Canada said on Friday, adding he was keen to work with start-ups to improve the company's mobile offerings.

RBC Chief Executive David McKay said he was positioning Canada's largest bank to compete with technology firms that have expanded into the money-moving business but don't "bear the financial and social costs of a deposit taking organization, nor the obligations of financial regulation."

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