The Canadian bank now has 8,000 employees in the United States, including more than 3,000 in New York.

"CYN is a solid franchise that will deepen RY's penetration in U.S. wealth management and broaden its geographic exposure, particularly in California," Barclays analyst John Aiken said in a note to clients.

There have been few large banking deals in the United States since the financial crisis as regulators have stepped up scrutiny of the capital levels of acquiring banks.

However, there has been a wave of consolidation among smaller U.S. banks, which have struggled to increase profits due to historically low interest rates.

RBC said the transaction is expected to add to its earnings in the second year after the deal closes, likely in the fourth quarter of this year.

 

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