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News Releases

 

RBC Dain Rauscher to acquire J.B. Hanauer & Co.

Expands presence in New Jersey, Pennsylvania and Florida

MINNEAPOLIS, MN and PARSIPPANY, NJ, March 13, 2007 - RBC Dain Rauscher, Inc., a wholly owned subsidiary of Royal Bank of Canada (RY on TSX and NYSE), and New Jersey-based J.B. Hanauer & Co. today announced the signing of a definitive agreement pursuant to which RBC Dain Rauscher Inc. will acquire J.B. Hanauer.

The details of the transaction were not disclosed. The acquisition is subject to customary closing conditions, including approval by U.S. and Canadian regulators and by J.B. Hanauer shareholders. The transaction is expected to be completed in May 2007.

J.B. Hanauer, a privately held, employee-owned financial services firm, specializes in retail fixed income and wealth management services. It runs five offices in three states with slightly more than 300 employees and close to $10 billion in assets under administration.

“J.B. Hanauer represents a strong strategic and cultural fit for our firm, significantly expanding our presence in New Jersey, Florida and Pennsylvania -- all important markets for us,” said John Taft, chief executive officer of RBC Dain Rauscher. “Our success comes from superior customer service delivered by some of the finest financial consultants in the industry. We enhanced that capability today,” Taft said.

“J.B. Hanauer has a 76-year history of providing clients with outstanding investment service,” said Barry H. Zucker, president and CEO of J.B. Hanauer. “Now, with the financial strength and full backing of RBC Dain Rauscher, we will be able to serve them even better. RBC Dain Rauscher is an outstanding organization that we will be proud to be part of as we continue to grow.”

“The acquisition of J.B. Hanauer demonstrates RBC’s continued commitment to expansion in the U.S.,” added Taft. In 2006, RBC expanded in the U.S. through a number of acquisitions, including Flag Financial Corporation based in Atlanta; Carlin Financial Group of New York; Daniels & Co. of Denver; and American Guaranty & Trust of Wilmington, DE.

In addition to RBC Dain Rauscher, RBC’s U.S. operations include: RBC Centura, a personal and business bank based in Raleigh, N.C.; RBC Insurance, a national provider of insurance protection and asset accumulation solutions based in Greenville, S.C.; RBC Capital Markets, with corporate and investment banking operations in New York, Minneapolis, Greenwich and other select U.S. locations; and Global Private Banking with offices in New York, Miami, Houston and San Francisco.

About J.B. Hanauer & Co.
J.B. Hanauer & Co. is a full-service brokerage firm with more than 300 employees, serving clients nationally from five offices located in New Jersey, Pennsylvania and Florida. As one of the nationís premier fixed-income investment specialists, the firm maintains a focus on building and preserving wealth for individual investors and has $10 billion in assets under management. Since its founding in 1931, the firm has operated independently and under the same name.

About RBC Dain Rauscher
RBC Dain Rauscher Inc., a wholly owned subsidiary of Royal Bank of Canada (RY: TSX, NYSE), is one of the nationís largest full-service securities firms. The company serves individual investors and businesses through offices coast to coast, and capital markets and correspondent clients in select U.S. and international markets. Founded in 1909, RBC Dain Rauscher is a member of the New York Stock Exchange and other major securities exchanges, as well as the Securities Investor Protection Corp. RBC Dain Rauscher is part of RBCís Wealth Management segment, which directly serves affluent and high net worth clients in Canada, the United States, Europe and Asia, provides asset management and trust services through RBC and third-party distributors and has approximately $500 billion of assets under administration, 3,500 financial advisors and more than $130 billion of assets under management.

About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name of RBC. We are Canadaís largest bank as measured by assets and market capitalization and one of North Americaís leading diversified financial services companies. We provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. Its corporate support team enables business growth with expert professional advice and state-of-the art processes and technology. The company employs approximately 70,000 full- and part-time employees who serve more than 14 million personal, business, public sector and institutional clients throughout offices in North America and 34 countries around the world. For more information, please visit www.rbc.com.

Media Contacts:
RBC
John Bousquet, RBC Dain Rauscher, (612) 371-2225
Beja Rodeck, RBC, (416) 974-5506

J.B. Hanauer & Co.
Rick Matthews, Rubenstein Communications Inc.,
(212) 843-8267
Howard Cannon, Rubenstein Communications Inc.,
(212) 843-8072

Investor Contacts:
Marcia Moffat, RBC, (416) 955-7803
Dave Mun, RBC, (416) 955-7808

For general investor relations information please visit: www.rbc.com/investorrelations.

###

Safe Harbor Regarding Forward-Looking Statements

Certain statements contained in this press release may be deemed to be forward-looking statements under certain securities laws, including the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities legislation, and Royal Bank of Canada and J.B. Hanauer & Co. intend that such forward-looking statements be subject to the safe-harbor created thereby. The words “may,” “could,” “should,” “would,” “suspect,” “outlook,” “believe,” “plan,” “anticipate,” “estimate,” “expect,” “intend,” “forecast,” “objective” and words and expressions of similar import are intended to identify forward-looking statements.

By their very nature, forward-looking statements involve numerous assumptions, and inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements, including statements about the proposed acquisition of J.B. Hanauer & Co. by RBC Dain Rauscher, will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to the possibility that the proposed transaction does not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, that the RBC Dain Rauscher and J.B. Hanauer & Co. may be required to modify the terms and conditions of the proposed transaction to achieve regulatory approval, or that the anticipated benefits of the transaction are not realized as a result of such things as the strength of the economy and competitive factors in the areas where J.B. Hanauer & Co. does business; the impact of changes in the laws and regulations regulating financial services and enforcement thereof (including banking, insurance and securities); judicial judgments and legal proceedings; RBC Dain Rauscher’s ability to complete the acquisition of J.B. Hanauer & Co. and to integrate it with RBC Dain Rauscher successfully; reputational risks, and other factors that may affect future results of RBC Dain Rauscher and J.B. Hanauer & Co. including changes in trade policies, timely development and introduction of new products and services, changes in tax laws, and technological and regulatory changes. We caution that the foregoing list of important factors is not exhaustive.

RBC and J.B. Hanauer & Co. assume no obligation to update the forward-looking statements contained in this press release.


 

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