SYZ banking group has completed the acquisition of Royal Bank of Canada (Suisse), the Swiss private banking business of RBC.
The deal has received approval from the Swiss Financial Market Supervisory Authority, FINMA.
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In July 2015, RBC signed a definitive agreement to sell its Swiss private banking business, RBC Suisse, to SYZ Group.
SYZ said that the combined entity will be called Banque SYZ Suisse SA and its merger with Banque SYZ SA is slated to take place at the end of 2015.
The deal allows SYZ Group’s private banking division to double its assets to CHF22bn (resulting in a total of CHF40bn of assets under management at Group level) as well as strengthen its global presence.
The acquisition was completely financed by internal resources, demonstrating the SYZ Group’s sound financial position.
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By GlobalDataSYZ banking group CEO Eric Syz said: "I am particularly proud of the commitment shown by the respective teams, which have done remarkable work in order to complete this transaction so quickly."
