RBC Acquires a Unit Of J.P.Morgan
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(1 votes, average: 4.00 out of 5) Loading ...By divya
Published: September 29, 2009
J.P.Morgan Chase Sells its Unit To RBC
The Royal Bank Of Canada is said to be the biggest player in the banking industry in Canada. It accounts to 80k employees and serves almost 17 million clients. The “Forbes Global 2000″ had ranked RBC in 55th position.
On September 29th 2009, J.P.Morgan Chase Bank sold the unit of Investment Advisor Servicing Business to the biggest giant of Canadian Banks – The Royal Bank Of Canada. The two banks signed an agreement here in Toronto for the deal of acquiring the IAS business of J.P.Morgan Chase Bank.
However, the closure procedures and the legal approvals are expected to close by the second quarter of 2010. Post acquisition, the IAS business of J.P. Morgan Chase will be renamed and merged with the Royal Bank Of Canada’s Investment Advisory business.
J.P.Morgan Chase Sells out it's IAS Business to the Biggest Canadian Bank
No other details were leaked out by the Royal Bank Of Canada during the signing of the deal or agreement. RBC feels that this merger of IAS business is a sign of expansion in RBC’s Wealth management business.
Tagged with: Acquisiton, Canada, Investment Advisor services, J.P.Morgan Chase, Merger, Royal Bank Of Canada, Toronto
