Royal Bank of Canada has announced that it has entered into a definitive agreement to sell RBC Suisse, its Switzerland-based private banking business, to Syz group.
The deal is expected to close in Q3 2015. Financial terms of the transaction, subject to regulatory approvals, have not been disclosed.
“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,” said George Lewis, Group Head, RBC Wealth Management and Insurance.
“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,” he added.
With headquarters in Geneva, RBC Suisse totals CHF10bn (€9.6bn) of assets under management as at 31 October 2014.
It provides private banking and wealth management services to high net worth clients, focusing on emerging markets. Clients come from Latin America, Africa and the Middle East.
SYZ is a family-owned private bank and institutional asset manager, with 19 offices globally, also based in Geneva. It manages CHF29bn in assets (€28bn).