TORONTO Royal Bank of Canada has teamed up with International Business Machines Corp. and Fluor Corp. to create an electronic commerce company to build an electronic marketplace.
Trade MC, the new company, is to let businesses buy indirect supplies such as office equipment and mobile phone services and capital goods such as oil, gas, utilities, pharmaceuticals, mining, and manufacturing.
Royal Bank has taken an equity stake in the company, which is headquartered in Dallas, and it will be the preferred provider of Internet-based financial services to the marketplace. Trade MC is also looking to attract other equity partners.
In May, Royal Bank announced a joint venture with Mediagrif Interactive Technologies to build industry-focused marketplaces for the banks corporate customers.