RBC will combine its US wealth management unit with City National, under the leadership of City National's chairman and CEO, Russell Goldsmith.

Royal Bank of Canada has been given the regulatory green light to acquire the US private and commercial bank City National Corporation for what was previously announced as a cash and stock deal valued at $5.4 billion.

The merger is expected to close on November 2, 2015, subject to the satisfaction of customary closing conditions.

Headquartered in Los Angeles, CA, City National serves high net worth and commercial clients across a number of US metropolitan areas including New York, Los Angeles, the San Francisco Bay Area and Orange County.

See more about the acquisition when it was announced in January here.