RBC Will Pay $1.1B For Outstanding Joint Venture Stake

Law360, New York (April 3, 2012, 3:16 PM EDT) -- Royal Bank of Canada has reached an agreement to buy the outstanding 50 percent stake of its global custodian joint venture company from Banque Internationale a Luxembourg SA for about $1.1 billion in cash, the Canadian banking giant said Tuesday.

The transaction is expected to close in the second or third quarter of 2012. Once it does, RBC will own 100 percent of RBC Dexia Investor Services Ltd., a U.K.-based financial services firm that advises institutional investors on fund administration and global custody matters, RBC said....
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