Business, Economics, Education, Entrepreneurs,
Environment, Science and Technology
|
|
|
|
|
____________________
Strategic Play
RBC to acquire Ferris, Baker Watts, Incorporated
Strategic move expands wealth management presence in key U.S. regions
MINNEAPOLIS, MN and WASHINGTON, DC - Royal Bank of Canada, and Washington D.C.-based Ferris, Baker Watts, Incorporated (FBW), announced the signing of a definitive merger agreement pursuant to which RBC Dain Rauscher Inc. will acquire FBW.
The details of the transaction were not disclosed. The acquisition is
subject to customary closing conditions, including approval by U.S. and
Canadian regulators and by FBW shareholders. The transaction is expected to be
completed by mid 2008.
FBW, a privately held, employee-owned full-service broker-dealer and
investment banking firm, has 42 branch offices and 15 Capital Markets/Support
Services Offices in ten states and the District of Columbia with more than 900
employees (330 of whom are financial consultants) and approximately
$18.5 billion in assets under administration.
"FBW represents a strong strategic and cultural fit for the U.S. wealth
management business of RBC, and will significantly expand our presence in the
Eastern, Midwest and Mid-Atlantic regions -- all important markets for us,"
said John Taft, President and CEO of RBC Dain Rauscher - the RBC subsidiary
into which FBW will ultimately be combined.
"From the very start of our discussions with RBC, it became clear that
they share our commitment to integrity and excellent service," said Roger L.
Calvert, President and CEO of FBW.
"Our firms have distinguished reputations and through this agreement we
will both be able to increase services to our individual, corporate and
institutional clients," added George M. Ferris, Chairman of FBW.
"The acquisition of FBW demonstrates RBC's continued commitment to
building our wealth management presence in the U.S. and takes us one step
closer to our goal of becoming a nationally recognized investment, advisory
and wealth management firm," added Taft.
In addition to RBC Dain Rauscher, RBC's U.S. operations include: RBC
Centura, a personal and business bank based in Raleigh, N.C.; RBC Insurance, a
national provider of insurance protection and asset accumulation solutions
based in Greenville, S.C.; RBC Capital Markets, the corporate and investment
banking arm of RBC; and RBC International Wealth Management with offices in
New York, Miami, Houston and San Francisco.
|
|
|
| © Copyright 2008/Exchange Morning Post/Exchange Business Communications Inc. |
