Royal Bank of Canada reaffirmed its plans to grow its U.S. wealth management and capital markets businesses on Monday after inking an approximate $3.62 billion deal to sell its U.S. regional retail banking operations to PNC Financial Services Group Inc.

“RBC remains fully committed to the U.S. market and this transaction allows us to focus our U.S. efforts on continuing to grow our two largest U.S. businesses, RBC Wealth Management and RBC Capital Markets,” RBC President and Chief Executive Gordon M. Nixon said in a statement released on Monday.

Reports of the pending deal with PNC emerged on Sunday, while both firms issued formal announcements regarding the definitive agreements on Monday morning. The transaction is expected to close in March 2012.

PNC reported that the deal was worth $3.45 billion in its announcement of the deal on Monday. In a separate statement, RBC said that the deal also includes $165 million for certain credit card assets, which would bring the deal total to $3.62 billion.

RBC plans to continue building its U.S. presence, it said on Monday, through its existing RBC Wealth Management and RBC Capital Markets businesses. In addition, RBC also plans to continue to provide its cross-border banking platform, particularly for Canadian clients throughout the U.S.

RBC Wealth Management has more than 2,000 financial advisors in 42 states, the firm said, and $220 billion in assets under management. Its U.S. business focuses on affluent and high net worth clients, with services including cash management, credit and lending, insurance, investments, retirement planning and trust and estate planning. In addition, RBC Global Asset Management operates under RBC Wealth Management in the U.S. and provides equity and fixed income products to institutions.

RBC Capital Markets provides brokerage and investment banking services in the U.S., which accounts for 40% of the global business’ overall revenue. Its clients include corporations, institutions, individuals and governments. Its products and services address equity and debt capital markets, equities, fixed income, futures, infrastructure finance, mergers and acquisitions and municipal finance.

“We have built global capabilities and market-leading businesses in RBC Wealth Management and RBC Capital Markets and are committed to leveraging our strengths to invest in these and other high-return businesses,” Nixon said. “We continue to actively deploy our capital where we believe we can generate the highest returns.”

RBC Wealth Management and RBC Capital Markets have 8,000 total employees in the U.S. and about 17,000 internationally.