Royal Bank of Canada is pushing deeper into the U.S. wealth management business, saying on Thursday it will purchase Los Angeles-based City National Corp for $5.4 billion in a deal that targets City's stable of high-net worth clients.Canada's major banks, which emerged from the financial crisis largely unscathed, have been on a global hunt to expand their wealth management arms. Canadian bankers say the industry should benefit from an aging population and is less capital-intensive than traditional lending.City National serves clients in several large metropolitan areas, including New York, Los Angeles, the San Francisco Bay Area and Orange County, California.Executives at RBC, Canada's largest bank by market value, said they were also drawn to City National by its commercial banking arm, which they want to team up with their RBC Capital Markets unit to win more business.
City National Corporation (the Corporation) is a bank holding company and a financial holding company. Shares of CYN traded higher by 18.26% or $13.6128/share to $88.18. In the past year, the shares have traded as low as $67.35 and as high as $82.34. On average, 238755 shares of CYN exchange hands on a given day and today's volume is recorded at 8947159.
Orange SA, formerly France Telecom SA, is a France-based company that is engaged, principally, in the provision of integrated telecommunications services. Shares of ORAN traded higher by 0.98% or $0.17/share to $17.43. In the past year, the shares have traded as low as $11.92 and as high as $18.05. On average, 784110 shares of ORAN exchange hands on a given day and today's volume is recorded at 533292.
Royal Bank of Canada, is a Canada-based banking company. Shares of RY fell by 2.05% or $-1.2594/share to $60.28. In the past year, the shares have traded as low as $61.00 and as high as $76.08. On average, 777608 shares of RY exchange hands on a given day and today's volume is recorded at 5240759.
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