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Toronto-based Royal Bank of Canada is close to a sale of its U.S. retail banking operation to Pittsburgh-based PNC Financial Services Group Inc., Bloomberg News reported June 17.
RBC has been rumored to be looking for a buyer for its U.S. bank since earlier in 2011. The Canadian bank entered the U.S. consumer banking market in 2001, when it acquired Centura Banks Inc., but it had purchased an Internet thrift in 1998.
RBC unit RBC Bank (USA) ($27.38 billion) is based in Raleigh, N.C. In the U.S., the company also operates Atlanta-based RBC Bank (Georgia)...