Geneva-based banking group SYZ has agreed to acquire the Swiss private banking subsidiary of Royal Bank of Canada in a move which doubles the firm's assets under management and expands its reach across the world. Following its expansion in the UK, the SYZ will now take over CHF10bn (£6.8bn) of assets which RBC's Swiss private banking arm operates in Latin America, Africa and the Middle East. The acquisition...
Royal Bank of Canada (RBC) is to sell its Swiss private bank to Syz & Co, along with CHF 10bn ($10.5bn) under new management, as part of RBC's plan to streamline its private banking activities. The purchase price for the unit has not been disclosed.