The process of pursuing U.S. acquisitions will be delayed by Royal Bank of Canada until the recession is over, Chief Financial Officer Janice Fukakusa said.

More that C$2 billion ($1.87 billion) has been spent by Royal Bank on U.S. acquisitions in the past three years, including Atlanta- based Flag Financial Corp. and Alabama National Bancorp.

In June 2008, the bank also bought RBTT Financial Holdings Ltd. in Trinidad and Tobago for about $2.2 billion. Royal Bank President and Chief Executive Officer Gordon Nixon said last week that significant opportunities are present outside Canada in the next two to five years as banks restructure.

Chief Financial Officer said that even though troubled U.S. banks become available but the Toronto-based lender shows more interest in “bite-sized acquisitions” and takeovers of wealth-management businesses.

Fukakusa said that Royal Bank, which is considered to have the highest regulatory capital among Canada’s banks, will be “conservative” in how it uses its excess cash.

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