RBC may unload U.S. mortgage subsidiary - 2005-02-23
Royal Bank of Canada, the country's biggest bank, may sell its unprofitable U.S. mortgage unit after spending more than $215-million (U.S.) to build up the business during the past five years, people familiar with the matter said.
RBC put RBC Mortgage up for sale after revenue at the Houston-based subsidiary dropped 35 per cent to about $115-million in fiscal 2004, said the people, who declined to be identified.
Read the full story at Globe and Mail