Journal calls it like it sees it on RBC
05/12/2011
The Wall Street Journal certainly doesn’t pull any punches in its assessment of RBC Bank:
“For sale: lots of bad loans, 430 bank branches in many second-tier cities and a tendency to lose money,” the paper begins its Wednesday story on RBC Bank being on the block.
Despite the gloomy outlook, Royal Bank of Canada hasn’t had any trouble attracting interest, despite RBC Bank’s “raft of problems.” The paper added the unit is expected to fetch roughly $3 billion.
“There are just not a lot of banks out there to buy,” the publication quoted one unnamed source as saying.
