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.

Bank One Corp., ONE

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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.

Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Mergers, acquisitions and divestments, Insurance industry, Liberty Corp., LC

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