Royal Bank of Canada's agreement to buy Minneapolis-based Dain Rauscher Corp. is its biggest step forward yet in assembling a U.S. network of financial services one business line at a time, largely through acquisitions.

The $1.46 billion acquisition would greatly broaden the U.S. distribution and investment banking business for Royal Bank, the largest Canadian banking company in assets, at a time when global competitors are clamoring to add to their operations here. Dain Rauscher, to be renamed RBC Dain Rauscher Wessels, is the nation’s 14th-largest securities firm in terms of brokers, boasting 1,200 “private client and institutional investment executives.”

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.