Royal Bank of Canada (RBC) has signed a definitive agreement to sell its Swiss private banking business, RBC Suisse, to SYZ Group.
RBC Suisse, which is headquartered in Geneva, offers private banking and wealth management services to HNW clients globally. It has nearly CHF10bn in assets under management (AuM) and is chiefly active in Latin America, Africa and the Middle East, which are complementary markets for SYZ Group.
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With this acquisition, the AuM of the private banking business of SYZ Group will double, reaching nearly CHF22bn – making it one of the top 20 largest private banks in Switzerland.
Commenting on the deal, SYZ Group CEO Eric Syz said: "This acquisition will enable Banque SYZ to access new markets in Latin America, Africa and Middle East, where strong entrepreneurship, one of our founding values, is expanding. It also represents a major step forward in terms of the Group’s growth strategy."
George Lewis, group head, RBC Wealth Management and Insurance, commented: "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.
"SYZ has a strong reputation for client service and a complementary geographic focus to RBC Suisse, making it well positioned to build on the business’s strong history."
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By GlobalDataThe transaction, which is subject to regulatory approvals, is expected to conclude in the third quarter of 2015. Financial terms of the deal were not revealed.
