Royal Bank Acquires Bank One's Canadian Visa Portfolio

Royal Bank of Canada announced on May 18, 2000 that it had acquired the Canadian retail Visa credit card business of Bank One Canada. Bank One launched its Canadian credit card business in late 1998, and established a growing Canadian retail and affinity card customer base. Royal Bank, one of Canada’s leading credit card providers, plans to integrate Bank One’s credit card business into its existing cardholder base.

Sandra Jorgenson, in-house senior counsel for Royal Bank, called on Ogilvy Renault’s James Riley and Craig Johnston and McMillan Binch’s Mark Opashinov (competition) to assist in the transaction. Bank One’s Joanne Sundheim was assisted by McMillan Binch. The McMillan Binch team, led by Peter Cathcart, Q.C., included Jeffrey Roode (competition and corporate), Darryl Hiscocks (labour), Susan Nickerson (pensions), Todd Miller and James Warnock (tax), Ari Blicker and Simon Chester (regulatory matters). McMillan Binch handled Competition Act issues for both parties.