Market Overview

RBC Receives Fed Approval for City National Corp. Acquisition


Royal Bank of Canada (NYSE: RY)
and City National Corporation (NYSE: CYN) announced that they
received formal regulatory approval today from the Board of Governors
of the Federal Reserve System to complete Royal Bank of Canada's
acquisition of City National pursuant to their merger agreement
previously announced on January 22, 2015. This follows approval from
the Office of the Superintendent of Financial Institutions. The merger
is expected to close on November 2, 2015, subject to the satisfaction
of customary closing conditions.

City National common stockholders may elect to receive, for their shares
of City National common stock, cash, RBC common shares, or a
combination of cash and RBC common shares.  As previously announced by
City National, documents necessary for City National common
stockholders to make an election for their merger consideration were
mailed to City National common stockholders beginning on September 28,
2015. The cash and stock elections will be subject to proration and
adjustment procedures, which are further described in the election
materials and the merger agreement. 

About RBC
Royal Bank of Canada is Canada's largest bank, and one of the largest
banks in the world, based on market capitalization. We are

See full press release

Posted-In: M&A News Press Releases


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