Short Take: Canadian bank buys Net bank

Royal Bank of Canada will acquire the first Internet-only bank, Security First Network Bank, for $20 million upon closing its proposed deal in June. The Canadian bank said the acquisition is a first step in establishing a retail banking presence in the United States. The sale will allow Security First Technologies, an SFNB division that sells banks software for online banking, to focus on its software business.

March 10, 1998 4:25 p.m. PT

will acquire the first Internet-only bank, Security First Network Bank, for $20 million upon closing its proposed deal in June. The Canadian bank said the acquisition is a first step in establishing a retail banking presence in the United States. The sale will allow Security First Technologies, an SFNB division that sells banks software for online banking, to focus on its software business.