High Dollar Cuts Cost of U.S. Acquisitions

Article Excerpt

ROYAL BANK OF CANADA $49 (Toronto symbol RY; Conservative Growth Portfolio, Finance sector; SI Rating: Above average) is taking advantage of the rising Canadian dollar to expand its operations in the United States, which now provide roughly 10% of its profit. For instance, it has just agreed to pay an undisclosed sum for American Guaranty & Trust, which administers trusts for over 1,000 high net worth individuals. While the deal will have little impact on Royal’s earnings, it should help the bank’s U.S. wealth management operations compete with more-established firms. Royal Bank is a buy. buy…

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