Royal Bank of Canada said Tuesday that it has taken a 20% stake in AOL Canada Inc., a subsidiary of Dulles, Va.- based America Online Inc.
Paying $60 million for the equity, Canada's No. 2 bank underscored its North American on-line banking ambitions. Also figuring in the deal is Royal Bank's Internet-only subsidiary, Security First Network Bank of Atlanta. The bank also owns part of S1 Technologies Inc., from which it acquired Security First Network Bank last year.