Royal Bank of Canada is Canada's largest bank as measured by assets and market capitalization, one of North America's leading diversified financial services companies and among the largest banks in the world
RBC to buy wealth management division from Royal Bank of Scotland
The () has agreed to acquire parts of Coutts' international private banking business from the (LON:RBS)(NYSE:RBS).
The transaction, for which financial terms were not disclosed, is slated to close in the latter part of second quarter.
RBC said it will purchase Coutts’ Latin American, Caribbean and African private banking arms, which manage assets worth $2 billion.
"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," George Lewis, group head, RBC Wealth Management, said in a statement.
"As the sixth-largest wealth manager in the world, we can offer these clients the very high level of personal service and global capabilities that they expect from a top tier international firm."
RBS is 82 percent owned by the British government after a state bailout following the 2008 credit crisis. The sale forms part of its program of selling non-core assets to focus more on its core UK retail banking business.
RBC's wealth management arm is among the world’s top 10 largest money managers. RBC Wealth Management has $534 billion of assets under administration, with over $313 billion of assets under management.
The division helps affluent, high-net-worth and ultra high net worth clients in North America, Europe, the Middle East, Latin America, Asia and Africa with a suite of banking, investment and other solutions.
The business provides asset management products and services directly and through RBC and third party distributors to institutional and individual clients. It has 4,300 financial consultants, advisors, private bankers and trust officers.
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