Royal Bank defends record

I read with interest your editorial “A Territory without Banks”, published May 28, 1999, and would like to offer an alternative view of how corporations like Royal Bank help the people of Nunavut and participate in the economy.

Royal Bank is a long-time community member in the far north, having operated a full-service branch in Iqaluit for the past 41 years and, more recently, in Cambridge Bay and Rankin Inlet. We are proud that the services and products offered within these communities are the same as those offered anywhere coast-to-coast across Canada.

It may interest you to know that today over 90 per cent of banking transactions are completed electronically. With the advent of technology, a full array of banking services are being accessed by consumers through telephones, computers and Internet banking, any time, anywhere, day or night, seven days a week.

Our experience has shown that today’s younger generation, including the youth of Nunavut, use many alternate methods of acquiring financial products and services

We also recognize there will still be a need for some face-to-face meetings and our locally-based branch managers and staff from Iqaluit, Rankin Inlet and Cambridge Bay will continue to travel to their surrounding communities, meeting the needs of clients with financial planning, business investments and basic banking services.

In addition, we are currently exploring alternate delivery channels that will expand the Royal Bank network in Nunavut, possibly including alliances or co-habitations with other businesses located throughout the north.

The commitment of Royal Bank has always been to provide financial services and education to the people of the north, as well as employment and training opportunities.

We congratulate your accomplishments within the new territory and are proud to have been chosen as the financial partner for the new government ofNunavut The years ahead will bring many opportunities for change and growth and we look forward to continuing our long-standing relationship with the people of Nunavut.

Terry R. Teeple
Regional Vice-President
Manitoba North
Royal Bank of Canada