RBC selling its Swiss private banking business

TORONTO – The Royal Bank of Canada (TSX:RY) says it is selling RBC Suisse, its Switzerland-based private banking business, to SYZ Group.

Financial terms were not disclosed.

Based in Geneva, RBC Suisse provides private banking and wealth management services to high net worth clients around the world and had the equivalent of about $13 billion in assets under management as at Oct. 31, 2014.

SYZ is also based in Geneva and is a family-owned private bank and asset management firm with 19 offices globally.

“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.” 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.”