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.

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