Canada’s biggest bank is reportedly seeking banking licences to expand its capital markets and wealth operations in the region, with plans to open offices in cities like Abu Dhabi and Riyadh. (The Globe and Mail)

Talking point: The move follows talks with Middle East officials at the World Economic Forum in Davos about attracting investment to Canada and growing its business in the region, CEO Dave McKay told The Globe and Mail. Earlier this month, National Bank also announced the opening of its first office in Dubai. These expansions come as Ottawa urges companies to diversify trade ties beyond the U.S., with McKay saying Prime Minister Mark Carney’s Davos comments about a new world order underscore the imperative to “diversify for growth.” RBC earns roughly a quarter of its revenue in the U.S. The lender did not respond by deadline to questions about how many or which type of banking licenses it is applying for.