Royal Bank of Canada acquired City National Corporation—the parent holding company of City National Bank—for approximately 5.4 billion dollars in a cash-and-stock transaction. This major cross-border acquisition was executed to expand Royal Bank of Canada's wealth management and commercial banking footprint within high-growth United States metropolitan markets. At the time of completion, the multi-billion-dollar deal stood as one of the largest foreign bank expansions into the American domestic financial landscape, integrating City National's specialized private banking services for high-net-worth clients into RBC's global financial network.