Royal Bank of Canada’s (RBC) wealth management
arm is to buy the Latin American, Caribbean and African
private banking business of Coutts, Royal Bank of Scotland’s
private banking division.

Coutts’ business has client assets of more
than $2bn and RBC will also be acquiring about 20 key
private banking staff, with all based in Geneva apart
from a team in the Cayman Islands.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

 

Coutts key market
strategy

Coutts said that its decision to sell the
business, which accounts for around 2% of its total client assets,
was part of a strategy of focusing on growth in its key
geographies.

The strategy was initiated last year by CEO of
wealth management in the RBS group Rory Tapner, and will see the
bank focus on the UK, Switzerland, the Middle East, Russia and the
CIS and selected Asian countries.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Coutts generates roughly 60% of its business
in the UK and 40% globally and is attempting to reverse those
proportions.

Tapner said: “Our Latin American, Caribbean
and African business is solid. However, it requires further
investment to reach our preferred market share and we have
determined to focus our efforts on our core markets.”

 

RBC aims to expand market
share

Profits at RBC’s wealth management division
were up 21% last year, and the bank announced its key strategic
priorities included expanding its geographic footprint, attracting
more high net worth clients from the UK and emerging markets and
expanding its share of global high and ultra high net worth
assets.

Karen Simpson, general manager and head of
private banking at RBC (Suisse) said: “This acquisition will enable
us to increase our client base significantly in these three
important target regions.”

The sale is expected to conclude towards the
end of the first half of this year and the terms of the
deal have not been disclosed.