Royal Bank of Canada (RY.TO) is looking to sell its U.S. consumer banking business, and has retained JPMorgan Chase & Co (JPM.N) to advise it, a source familiar with the situation said on Thursday. RBC, the country's largest bank, has been expanding its wealth management and wholesale banking presence internationally, with particular emphasis on wealth management in high growth markets such as Asia, but its retail bank network in the southeastern United States has struggled for several years. Royal Bank spokeswoman Katherine Gay told Reuters by email that the bank was not commenting on the issue and JPMorgan declined to comment.
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