based City National in US
retail banking business, the Royal Bank of Canada (TSX:RY) is venturing south of the border again, with a US$5.4 billion deal to acquire Los Angeles based City National Corp.
The bank says the deal will allow it grow its wealth management business in the United States, a key focus for the bank as consumer borrowing in Canada begins to wane. operations were hit hard
cheap oakleys when the housing bubble burst and homeowners couldn’t afford to make their mortgage payments. Southeast.
Morningstar analyst Dan Werner said he was surprised when he heard about the deal Thursday.
"Having said that, this is probably as good a franchise as they could get given
cheap oakleys their business model," said Werner, noting that City National’s focus on wealth management complements RBC’s priorities.
fake cheap oakleys wealth management business brings is stability in fee revenue, and given how the markets have done and seem to be expected to do going forward, that’s where you’re going to see the revenue
fake oakleys growth for a lot of banks going forward," he said.
Werner also noted City National is concentrated on the West Coast, so RBC won’t have to compete with other Canadian banks operating south of the border. markets including New York, Los Angeles and the San Francisco Bay area.
"In fact, the combined high net worth population of
fake oakleys cheap these three markets is over four and a half times the entire high net worth population of Canada," McKay said.
The head of City National (NYSE:CYN) will
replica oakleys remain with the company and also be responsible for RBC’s wealth management business in the United States.
Under the proposed deal, City National shareholders would get the equivalent
oakleys sunglasses of US$93.80 per share roughly half in cash and half in Royal Bank shares.Articles Connexes：
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