BULLETIN: Royal Bank of Canada to Acquire Tucker Anthony Sutro Aug 01
- ID: 1754485
- August 2001
- Region: Canada
- Standard & Poors
Standard & Poor's today said that Royal Bank of Canada's (Royal Bank's; AA-/Stable/A-1+) announced plans to acquire Tucker Anthony Sutro Corp. for US$625 million would not affect the ratings or outlook on the bank. Although it is a cash purchase transaction, its leveraging effect is modest given the large capital base of Royal Bank. Standard & Poor's views this transaction as giving the bank a significant position in the U.S. brokerage industry. The transaction lends coherence to Royal Bank's banking and wealth management suite of products in the U.S., on which it has spent about US$4.8 billion in the past year. Royal Bank's future performance will depend on how well it is able to knit together its U.S. operation into...
Companies mentioned in this report are:
- Royal Bank of Canada
Action: S&P Event
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Research type: News
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