Swiss private bank Banque SYZ has completed its merger with RBC Suisse, the Swiss subsidiary of Royal Bank of Canada, renamed Banque SYZ Suisse SA.
The integration, which has been entirely financed with Banque SYZ’s own capital, comes five months after the acquisition of the Swiss subsidiary of Royal Bank of Canada.
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With this merger, the AuM of the wealth management business of SYZ Group has doubled to nearly CHF22bn and the total assets managed by the Group have reached CHF40bn, making it one of the top 20 largest private banks in Switzerland.
The deal, which was entirely funded with internal resources, will enable SYZ Group to expand its reach to new markets.
In addition, the merger will allow Banque SYZ to develop in regions including Latin America and Africa.
The integration has created economies of scale due to the increase in assets under management and the profitability of investments required to meet new demands imposed by regulatory controls.
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By GlobalDataSYZ Group CEO Eric Syz said: "The merger has enabled us to become a top 20 banking institution. I’m convinced that this strengthening will be beneficial to our clients and help our company meet the new challenges facing the Swiss financial market."
