Royal Bank of Canada's global wealth division, RBC Wealth Management, is set to acquire the Latin American, Caribbean and African private banking business of Coutts, the wealth division of Royal Bank of Scotland Group. The business has client assets in excess of US$2bn.
Commenting on the planned acquisition, George Lewis, group head, RBC Wealth Management said the business "represents an excellent opportunity to increase our market share with high net worth and ultra high net worth clients in key high growth markets while delivering very attractive returns.”
The business to be acquired includes clients who reside in Latin America, the Caribbean and Africa, as well as key private banking staff based primarily in Geneva, Switzerland and also includes a team in the Cayman Islands.
“Our Geneva-based business has built a reputation for serving the often complex needs of emerging market clients,” said Karen Simpson, general manager and head of private banking, Royal Bank of Canada (Suisse) SA. “This acquisition will enable us to increase our client base significantly in these three important target regions.”
RBC Wealth Management offers services to affluent, high-net-worth and ultra high net worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, investment, trust and other wealth management solutions.
The business also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients, through its RBC Global Asset Management business.
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