![]() Simply adding together two partners' current market capitalization, and you've got Royal Bank/Bank of Montreal at $41-billion and CIBC/TD Bank at $38-billion. However, if Royal Bank and Bank of Montreal had been allowed to merge in 1999, or if TD Bank and CIBC got to the alter, the PaineWebber acquisition would have been within reach for a Canadian bank. The scale of the UBS transaction, combined with the Canadian banks' limited opportunities for synergy generated cost cutting, mean this deal just can't be contemplated by a Canadian player. But with a current market capitalization of $24-billion (Canadian), Royal would literally be betting the bank if it took a run at PaineWebber. PaineWebber would be a huge step forward: It's about five times the size of Royal Bank's domestic retail brokerage division, which is the largest in Canada. Rivals such as Toronto-Dominion Bank, Bank of Montreal and Canadian Imperial Bank of Commerce share these ambitions. Cleghorn has made no secret of the fact that he'd like to expand Royal Bank's U.S. Investors have far less interest in banks that rely on the less predictable and thinner profits generated by corporate and investment banking activities. If you've fallen behind in reading the latest updates from bank stock analysts, you should know that investors are willing to pay a premium price for shares in banks that earn lots of dependable fees off wealth management. This focus is driven by the bankers' healthy interest in their stock price. ![]() Acquisitions made on this front would include the purchase of brokerage house Richardson Greenshields and money manager Connor Clark. For the past few years, Royal Bank has been focusing on beefing up its wealth management operations. Cleghorn, who we left swearing at his kitchen table. Futures Commission Merchant (FCM) Information for UBS Financial Services Inc. Statement of Financial Condition- UBS FSI of Puerto Rico (PDF). Commodity Futures Trading Commission (CFTC) and offers brokerage services related to the execution and clearing of on-exchange futures and options on futures products. is also registered as a Futures Commission Merchant (FCM) with the U.S. Wealth management services in the United States are provided by UBS Financial Services Inc., a registered investment advisor and broker-dealer offering securities, trading, brokerage and related products and services. All rights reserved. The key symbol and UBS are among the registered and unregistered trademarks of UBS. Please consult the sales restrictions relating to the service in question for further information. ![]() Products and services mentioned on these web pages may not be available for residents of certain nations. For more information, please review client relationship summary provided at, or ask your UBS Financial Advisor for a copy. ![]() It is important that you understand the ways in which we conduct business, and that you carefully read the agreements and disclosures that we provide to you about the products or services we offer. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. offers investment advisory services in its capacity as an SEC-registered investment adviser and brokerage services in its capacity as an SEC-registered broker-dealer. Legal Information Important information about brokerage and advisory services.Īs a firm providing wealth management services to clients, UBS Financial Services Inc. ![]()
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