As part of the merger agreement, RBC will pay about $47.25 in cash and 0.7489 of an RBC common share for each share of City National common stock, the bank said in a statement. The total payment will be made out as $2.7 billion in cash and approximately 44 million RBC common shares. RBC already has a strong presence in the United States, where it employs 8,000 people, including more than 3,000 in New York. "We're very enthused about merging with RBC," said City National chairman and CEO Russell Goldsmith.