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City National Bank to merge with RBC

US bank City National Bank said its shareholders have voted in favor of a proposal to merge with Royal Bank of Canada. Earlier in January, the two entities had announced that they have entered into a merger agreement under which RBC will acquire City National. The merger is subject to customary closing conditions, one of which was approval by City National’s shareholders. At the special meeting recently, 40.6 million shareholders voted in favor of the merger agreement, which represents 99.6% of shares voting and 73.1 percent of all City National shares outstanding. When the merger was announced in Janaury, it represented a value of approximately $93.80 per share of City National common stock, based on RBC’s common share closing price of $62.16. That represented a premium of approximately 22% to City National’s 15-day volume-weighted average share price. City National Corporation, the parent company of the bank, has $32.7 billion in assets. The bank has 75 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. It manages or administers $62 billion in client investment assets, including $48.4 billion under direct management.

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