RBC Wealth Management has announced it will acquire the Latin American, Caribbean and African private banking business of Coutts, the wealth division of Royal Bank of Scotland Group. The business has client assets in excess of US$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,” said George Lewis, group head, RBC Wealth Management. “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.”
The business to be acquired includes clients who reside in Latin America, the Caribbean and Africa, as well as key private banking staff based primarily in Geneva, Switzerland and also includes a team in the Cayman Islands.
“Our Geneva-based business has built a reputation for serving the often complex needs of emerging market clients,” said Karen Simpson, general manager and head of private banking, Royal Bank of Canada (Suisse) SA. “This acquisition will enable us to increase our client base significantly in these three important target regions.”
Terms of the transaction were not disclosed. The transaction is expected to close in the latter part of Q2 2012.