Royal Bank of Canada has agreed to sell its Switzerland-based private banking business, RBC Suisse, to SYZ Group for an undisclosed amount.
“The decision to sell RBC Suisse fits with our stated long-term growth strategy to build a focused global wealth management business that serves high net worth and ultra high net worth clients in priority markets from our hubs in North America, the British Isles and Asia,” says George Lewis, group head, RBC Wealth Management and Insurance.
Read: RBC making US$5.4-billion acquisition
Headquartered in Geneva, RBC Suisse provides private banking and wealth management services to high net worth clients globally, with a particular focus on emerging markets, including clients from Latin America, Africa and the Middle East. It had about CHF10 billion ($13.5 billion) in total assets under management as at Oct. 31, 2014.
SYZ is a family-owned private bank and institutional asset management firm, with 19 offices globally, also based in Geneva.
The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the third quarter of this year.
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