RBC deal takes Banque SYZ into Switzerland's top 20 private banks

 
Catherine Neilan
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The deal has doubled SYZ's private banking assets under management (Source: Getty)
Banque SYZ has bought the Swiss private banking arm of Royal Bank of Canada, doubling its assets under management.
The Swiss arm of RBC, which is mostly focused on Latin America, Africa and the Middle East, has CHF10bn (£6.8bn) assets under management, taking the private banking business of SYZ Group to CHF22bn.
The move makes it one of the top 20 largest private banks in Switzerland.
These are complementary markets to SYZ, which expects to be able to improve its profitablity as a result of the deal, which is still subject to the approval of the Swiss regulatory authorities.
Eric Syz, chief executive of the banking group, said: "This acquisition will enable Banque SYZ to access new markets in Latin America, Africa and Middle East, where strong entrepreneurship, one of our founding values, is expanding.
“It also represents a major step forward in terms of the group's growth strategy. I am delighted to welcome these new teams to our organisation and I firmly believe that we will benefit enormously from their many skills.”
In total, including asset management and wealth management arms, the company looks after nearly CHF40bn.