TORONTO, Oct. 2 /CNW/ - 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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