RBC completes acquisition of commercial leasing division
of ABN AMRO Bank N.V. - Canada branch
TORONTO, October 2, 2008 — Royal Bank of Canada
(RY on TSX and NYSE) today announced it has completed the
acquisition of ABN AMRO's Canadian commercial leasing division.
ABN AMRO's Canadian commercial leasing division provides equipment
financing to a cross section of Canadian corporations. The
new division will operate under the name RBC Equipment Finance
Group. Terms of the transaction were not disclosed.
This acquisition expands RBC's ability to provide clients
with a comprehensive range of financial services and specialized
products through a broader sales distribution network. The
transaction creates one of the most expansive commercial leasing
sales distribution networks in Canada, operating in major
urban centres from Halifax to Victoria.
"The completion of this transaction expands RBC's presence
in Canada and advances our strategy to continue to grow our
Canadian commercial leasing business while adding access to
an expanded range of products and services to a new portfolio
of clients," said Shauneen Bruder, RBC's executive vice-president,
Business and Commercial Banking.
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