Royal Bank of Canada (RBC) has completed the acquisition of City National Corporation in a previously announced deal worth $5.4bn.
This follows approval from the US Federal Reserve Board in October this year.
RBC will combine City National and its US wealth management unit into one line of business, which will be operated as part of the RBC wealth management segment. However, City National will continue to operate under the City National name.
City National CEO Russell Goldsmith will head the combined unit.
RBC president and CEO Dave McKay said: "City National is a great addition to RBC and today we welcome its 3,600 colleagues. I’m excited about combining our capabilities to deepen client relationships and to serve a broader client base with the aim of being the preferred provider in the US to corporate, institutional, commercial and high-net worth clients and their businesses.
"Ultimately, our strategy is underpinned by a foundation of helping clients thrive, communities prosper and employees succeed."
The Wall Street Journal reported that RBC is to launch newly structured jumbo-mortgage strategy for City National in a bid to bring more high-net worth clients.
Meanwhile, RBC removed limit on size of mortgage loans for immigrants and foreign owners to benefit from the increasing demand for financing on multi-million dollar houses in Vancouver, reported Reuters.
RBC multicultural markets director Christine Shisler said that bank had removed $1.25m cap on loans in May for clients with no local record of debts.