Thursday, July 23, 2015

Royal Bank of Canada - RY.t

Royal Bank of Canada - RY.t is the largest financial institution in Canada. The bank serves 18 million clients and has 80,100 employees worldwide.

It was incorporated as a Canadian chartered bank in 1869, and has grown to become one of North America's leading diversified financial services companies providing banking, wealth management, insurance and capital markets services on a global basis.

On July 14, 2015 the company released News

Royal Bank of Canada (RY on TSX and NYSE) today announced that it has entered into a definitive agreement to sell Royal Bank of Canada (Suisse) SA, (“RBC Suisse”), its Switzerland-based private banking business, to SYZ Group.

“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.”

Headquartered in Geneva, RBC Suisse provides private banking and wealth management services to high net worth clients globally, with a particular focus on emerging markets, including clients from Latin America, Africa and the Middle East. It had approximately CHF10 billion in total assets under management as at October 31, 2014.

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