No surprise. The U.S. is a tough market even for indigenous U.S. banks. I remember we were surprised that RBC paid 3 times book value when they acquired Centura some years ago.
I think they are but the profit margins are a lot tighter in the U.S. and I think their return on equity is about half of what it is in Canada. I think the Canadian banks get a lot more dollars out of every customer here than they do in the U.S. on average.
I don't think the Royal ever made money down South.