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Business Observer Friday, Jul. 1, 2011 11 years ago

Raymond James buys AIB CA

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The St. Petersburg bank acquired Allied Irish Bank's Canadian operations.

ST. PETERSBURG — Raymond James Bank, a subsidiary of Raymond James Financial Inc. (symbol: RJF), acquired Allied Irish Bank's Canadian operations this week. Financial terms were not disclosed.

The assets being acquired include $650 million in loan commitments, of which $500 million is outstanding, according to a release from Raymond James. The St. Petersburg bank claims that the acquired assets are “highly diverse and performing well.”

The purchase will expand Raymond James Bank's corporate and real estate portfolio by 10%, according to Thomas Macina, an executive vice president with Raymond James Bank.

Raymond James Financial generated $3 billion in revenues in its 2010 fiscal year, ended Sept. 30. Its stock is down slightly so far in 2011, and is currently trading for slightly more than $32 a share.

Earlier this week, Raymond James settled with federal and state regulators who were investigating the sale of certain securities by agreeing to buy back $300 million in auction-rate debt.

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