TORONTO — Royal Bank of Canada's wealth-management unit has named Michael Kay as head of international ultra high-net-worth credit solutions to ramp up lending for ultra-rich clients, the company said in a statement Wednesday.
In the newly created post, Kay will help develop credit products for the Toronto-based bank's international ultra high-net-worth client base, which includes those with at least roughly $30 million to invest.
He will report to Michael Lagopoulos, deputy chairman of RBC Wealth.
Previously, Kay was head of credit products for RBC Wealth's global trust and U.K. businesses. He will relocate to Toronto when he begins in his new role in August.
"Michael has been tremendously successful in growing the credit book from London while maintaining stringent credit control," Lagopoulos said in the statement.