Royal acquires Bank One's Canadian Visa operation
Article Abstract:
Royal Bank of Canada has acquired Bank One Corp.'s (Chicago) Canadian Visa operation. Royal Bank is one of the biggest Visa card issuers in Canada with about $5-billion in receivables. Royal plans to integrate Bank One's 250,000 accounts in Canada with its base of 6-million card holders. The sale reflects Bank One's decision to exit the credit card business in Canada. The profits in Bank One's credit card operation has fallen to $70-million in the first quarter of this year from $303-million, a year earlier. After this sale, Bank One will continue to operate a small commercial bank based in Toronto.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 2000
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Royal makes big U.S. insurance acquisition
Article Abstract:
Montreal, Que.-based Royal Bank of Canada has acquired Greenville, SC-based Liberty Corp., an insurance company, for $580 million. Royal Bank of Canada, which will buy two insurance firms from Liberty, is pursuing an expansion strategy into the financial services industry in the United States.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 2000
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Comment about this article or add new information about this topic:
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