Royal Bank of Canada, which has made a steady string of niche acquisitions in the United States, moved to streamline its operations here with a deal Monday to divest its Bull & Bear Securities Inc. online brokerage subsidiary.

Two years after buying the New York brokerage for $6 million, Royal Bank said it is selling the unit's customer accounts and assets to JB Oxford Holdings Inc. for an undisclosed amount. The deal is expected to close in June.

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