According to a statement from Royal Bank of Canada, parent of RBC Wealth, the business to be bought has client assets in excess of $2bn (£1.26bn, €1.51bn).
“This 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,” said George Lewis, group head, RBC Wealth Management.
The business to be acquired includes clients residing in Latin America, the Caribbean and Africa as well as private banking staff based primarily in Geneva, Switzerland and a team based in the Cayman Islands.
Karen Simpson, general manager and head of private banking, Royal Bank of Canada (Suisse) SA addee: “Our Geneva-based business has built a reputation for serving the often complex needs of emerging market clients.
“This acquisition will enable us to increase our client base significantly in these three important target regions.”
