RBC in the running for Bank of America wealth units - The Globe and Mail - 0 views
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RBC in the running for Bank of America wealth units
0 commentsCanada’s largest bank, Royal Bank of Canada (RY-T
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Canada’s largest bank, Royal bank of Canada (RY-T51.90-1.13-2.13%), is among the financial institutions looking to pick up parts of bank of America’s wealth management business
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In 2010 it paid $1.6-billion for U.K.-based Blue Bay Asset Management.
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RBC, Canada's largest bank, has for years been looking to expand its global wealth management outreach and is now eager to pick up part of bank of America's wealth management operation which is going on sale. The prospects of such an en devour are great given the predicted growth in number of millionaires in Asia. RBC has for years been interested in such an expansion and is now very interested in acquiring the wealth unit of bank of America