Deal is cleared to proceed and is set to close Nov 2.
@TORONTO , Oct. 7, 2015 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) and City National Corporation (CYN on NYSE) announced that they received formal regulatory approval today from the Board of Governors of the Federal Reserve System to complete Royal Bank of Canada's acquisition of City National pursuant to their merger agreement previously announced on January 22, 2015 . This follows approval from the Office of the Superintendent of Financial Institutions. The merger is expected to close on November 2, 2015 , subject to the satisfaction of customary closing conditions.
@Goldsmith also said City National has made good progress toward the completion of its merger with Royal Bank of Canada, which is expected to close later this year. The $5.4 billion deal, announced in January, was approved by shareholders on May 27. "It was particularly gratifying that 99.6 percent of the votes cast by City National shareholders were in favor of the merger, and that the merger has been endorsed by key community development organizations in the communities we serve,” Goldsmith said. “This compelling combination will create significant opportunities and enhanced capabilities for our clients, colleagues and local communities."