Royal Bank of Canada (RBC) is reportedly in advanced talks to sell its Swiss private bank to Banque Syz, Bloomberg reported citing unnamed sources.
The move comes as foreign financial firms are exiting from the Swiss market in light of increasing regulatory and compliance cost of managing private wealth offshore.
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However, the two parties have not yet zeroed on a final deal yet. In November, RBC announced that it is reviewing its Geneva-based private bank.
The Canadian lender’s Swiss private banking unit has nearly CHF10bn ($10.6bn) in assets under management.
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