Royal Bank of Canada fined $4.25M for consumer breaches and named joint bookrunner for Scotland's £1.5B bond program

Royal Bank of Canada (RY) has been fined $4.25 million by a Canadian regulator for breaches of the Bank Act related to consumer accounts. The infractions affected approximately 227,947 accounts, and RBC has returned over $22.4 million to the impacted customers.

In separate news, RY has been appointed as a joint bookrunner for Scotland's upcoming £1.5 billion multi-year bond program. This initiative is designed to fund infrastructure projects over a five-year period. Royal Bank of Canada will be working alongside other major financial institutions, including HSBC, NatWest, and Merrill Lynch, on this significant transaction.