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August 16, 2013updated 04 Apr 2017 3:59pm

RBC to wind up wealth management office in Uruguay-report

Royal Bank of Canada (RBC) will close its wealth management office in Montevideo, Uruguay, at the end of October, Bloomberg has reported.

By Verdict Staff

Royal Bank of Canada (RBC) will close its wealth management office in Montevideo, Uruguay, at the end of October, Bloomberg has reported.

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
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The office employs about 40 employees.

The decision is "part of a strategic review of our Latin American business," Aishling Cullen, a spokeswoman for the Canadian bank told Bloomberg.

"Some employees may move to other locations, and the office will provide services until 31 October 2013," she said.

A local judicial inquiry involving soccer players, in which the bank was asked for information in June, is "a separate situation," Cullen commented.

The firm is working with authorities and hasn’t been accused of any wrongdoing, the publication quoted the spokeswoman as saying.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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