World Business Briefing | Americas: Canada: Bank Acquires New Jersey Money Manager
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The Royal Bank of Canada agreed to buy a money manager J. B. Hanauer & Company of New Jersey, in its sixth acquisition in the United States in the last year. Details of the purchase, which is expected to be completed in May, were not disclosed, Royal Bank said. J. B. Hanauer, created in 1931, specializes in fixed-income and wealth management services. The company, based in Parsippany, has five offices in three states, with about 300 employees including 147 financial consultants, and almost $10 billion in assets under administration.
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HSBC Holdings , Europe's biggest  bank, is acquiring The Chinese Bank Co. in Taiwan and will  provide it with additional capital of between $300 million and  $400 million, it said on Friday.
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Toronto-Dominion Bank , Canada's second-largest lender, plans to make ''major acquisitions&quot; in the United States over the next few years after completing its proposed $3.1 billion purchase of a majority stake in Banknorth Group Inc. , chief executive Edmund Clark said.
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Bank of America is to become the largest US private banking firm, with the acquisition of Charles Schwab's US Trust.
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The Toronto-Dominion Bank cautiously entered the United States consumer banking market with a $3.8 billion deal to acquire 51 percent of the Banknorth Group of Maine.
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Investor's Business Daily - A U.S. slowdown in the 1st half of '08 could hit Canada's growth harder than was expected just a few months ago, Bank of Canada Gov. David Dodge said. The U.S. is Canada's top trading partner. Last week's gloomy U.S. jobs report raised concerns about a recession there. The Canadian economy has been hurt lately by the strength of its dollar vs. the U.S. dollar. Dodge said that the Canadian currency's strength was "having a slightly greater downside impact on our domestic inflation than we expected last October."
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Bank of America Corp. unveiled a new check design yesterday with the logo of the New England Patriots, its first step to put into its banking practice the concepts of ``affinity marketing" pioneered by credit card issuer MBNA Corp. before it was purchased by the Charlotte, N.C., bank earlier this year for $35 billion.
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Citigroup Inc. C.N the world's  largest financial services company, said on Tuesday it will  acquire First American Bank in the quickly-growing Texas  market.
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Bank of New York Co.  said on Monday it will buy Mellon Financial Corp.  for $16.5 billion, combining two storied names in American finance to create a powerhouse in custody services for institutional investors and one of the biggest asset managers.
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UBS continued to sweep up private banking assets yesterday with the purchase of the North America wealth management business of Julius Baer, the Swiss private bank.
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Toronto (Dow Jones) -- Bank of Montreal on Wednesday said it agreed to acquire Mercantile Bancorp Inc. for $156.5 million as it moves to expand in the Midwest region of the United States.
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Toronto-Dominion Bank said Thursday it will buy a majority stake in Maine&#39;s Banknorth Group Ltd. for $5-billion in cash and stock, marking the bank&#39;s first move into US branch banking.
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The Toronto-Dominion Bank confirmed on Wednesday that it was negotiating to buy all or part of the Banknorth Group, which has branches in five New England states and upstate New York.
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TORONTO (CP) - TD Bank confirmed Thursday it will buy mid-sized New England retail bank Banknorth for $3.8 billion US in a cash-and-shares deal.
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ZURICH/NEW YORK  - Swiss banking group UBS, the  world's largest wealth manager, said on Monday it had  strengthened its position in the United States by buying local  rival Julius Baer's U.S. wealth-management business.
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TORONTO (CP) - Bank of Montreal and US subsidiary Harris Bank are paying $197.4 million for Indiana&#39;s 19-branch Mercantile Bank as they bolster their successful operations in the US Midwest.
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TORONTO -- TD Bank announced its foray into US retail banking on Thursday, a day after rival CIBC signalled its focus will be on domestic operations, demonstrating how far apart Canadian banks are on their American strategies.