Expansion-Minded Royal Bank of Canada Seeks Listing on New York Stock Exchange

By Dunaief, Daniel | American Banker, September 8, 1995 | Go to article overview

Expansion-Minded Royal Bank of Canada Seeks Listing on New York Stock Exchange


Dunaief, Daniel, American Banker


The Royal Bank of Canada applied this week to list its shares on the New York Stock Exchange.

If listed, Royal Bank would become the second Montreal-based bank to join the exchange in about a year. The Bank of Montreal was listed in late

October.

Royal Bank said it was seeking the listing as a result of the growth of

its businesses in the United States, including an equity derivatives unit,

which it expanded recently by hiring a team of 25 investment bankers away from Kidder Peabody.

A listing adds a level of flexibility in developing those businesses, possibly through acquisitions, the bank said. The bank has indicated an interest in purchasing niche-type banking businesses, including wealth management and corporate banking.

Analysts predicted the other large Canadian banks, including the Canadian Imperial Bank of Commerce, Bank of Nova Scotia, and Toronto- Dominion Bank, would soon follow in the drive to expand their business and

improve their name recognition in the United States.

"Given the globalization of financial markets and the closeness of the United States, this is a trend that'll be duplicated by Canadian banks," said Hugh M. Brown, a bank analyst at Nesbitt Burns in Toronto.

Mr. Brown said that large Canadian banks derive 20% of their business and profits from the American market.

"One of the concerns of Canadian banks is their dependency on a small, concentrated, and mature market (in Canada)," said Wendy Gleichmann, a bank

analyst at Merrill Lynch. …

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