Royal Bank of Canada is ready to take another shot at U.S. banking, agreeing to buy City National in Los Angeles.
RBC will pay $5.4 billion, or $93.80 a share, in cash and stock for the $33 billion-asset City National, parent of Convergent Wealth Advisors, a troubled $8 billion-plus wealth management firm based in Washington, D.C. The a deal that is expected to close by the end of this year. Based on the price, this is one of the biggest bank acquisitions in recent memory.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access