Barely a week after Charles Schwab, the U.S. discount broker, made its first Canadian acquisition, Royal Bank of Canada announced it has reached an agreement to acquire Bull and Bear Securities Inc., a New York-based discount broker.

Royal said in a release that it will spend about $6 million for the U.S. company. The bank added that the acquisition will give Royal an entry point into the U.S. market and help expand its asset management operations across North America.

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