ROYAL BANK ENTERS U.S. DISCOUNT BROKERAGE MARKET
By Adnews Staff
The Royal Bank of Canada has stepped across the border. The bank has bought discount brokerage Bull & Bear Securities of New York for $6 million(US). "Bull & Bear provides us with an excellent entry point into the U.S. discount brokerage market and reinforces our strategy to build a competitive, integrated North American wealth management platform," Royal Bank vice-chairman Reay Mackay says in a release. "We plan to invest additional funds into marketing and technology to achieve aggressive market growth and create efficiencies." Royal Bank Action Direct president and CEO Michael Bastian told Adnews last week that its too early to say how advertising will be handled for Bull & Bear. Action Direct is Royal Bank's Canadian discount brokerage. Bull & Bear was established in 1984 and has access to every major U.S. stock, option and bond exchange. It provides Internet securities trading featuring low flat-rate commissions, as well as real time quotes, news, charts and free research.