(April 27 – 12:10 ET) – Royal Bank and U.S. Bancorp will join forces to offer co-branded commercial charge cards to businesses and multinational corporations based in Canada and the United States.
U.S. Bancorp, the world’s largest issuer of Visa commercial cards, will offer and maintain Royal Bank’s Visa corporate and purchasing card portfolio. Through a co-branding agreement, Royal Bank will continue to market these products in Canada to its commercial and corporate clients. The proposal is subject to regulatory approval and is expected to close by early May, 2000. Terms were not disclosed.
Royal Bank/U.S. Bancorp’s co-branded corporate and purchasing cards will continue to be marketed by a dedicated sales force located across Canada as well as through Royal Bank’s network of commercial and corporate banking account managers.
-IE Staff