Royal Bank of Canada today announced that it has entered into a definitive agreement to purchase the Canadian commercial leasing division of ABN AMRO Bank N.V. Terms of the deal were not disclosed.

“With this acquisition, we will gain a strong, well-managed business that is complementary to our current leasing capabilities,” said Allen Barabas, head, Global Transaction Solutions. “The deal will expand RBC’s presence in the Canadian commercial leasing business, which is an important component of our overall commercial business growth strategy.”

RBC Leasing is the largest bank-owned commercial leasing business in Canada, operating in major urban centres from Halifax to Victoria.

The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the fall of 2008.