Royal Bank of Canada (RY) said it agred to buy the 50 percent of of RBC Dexia Investor Services that it doesn’t already own for about C$1.1 billion from Banque Internationale a Luxembourg SA.
The joint venture is being sold as part of the breakup of Dexia SA (DEXB), the Belgian bank that has suffered during Europe’s sovereign debt crisis.
RBC Dexia had net income of 123 million euros in 2011, Royal Bank said in a statement. The purchase is expected to add to earnings in 2013, the Canadian lender said.
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