Last updated: 11:15 / Tuesday, 14 July 2015
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SYZ to Acquire Royal Bank of Canada’s Private Banking Operations in Switzerland

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SYZ to Acquire Royal Bank of Canada’s Private Banking Operations in Switzerland
  • With CHF 10 billion in assets under management, the Swiss private banking subsidiary of RBC is chiefly active in Latin America, Africa and the Middle East
  • The assets under management of the private banking business of SYZ Group will double
  • This transaction is still subject to the approval of the Swiss regulatory authorities

The Swiss banking group SYZ has signed an agreement to acquire Royal Bank of Canada (Suisse) SA. With approximately CHF 10 billion in assets under management, the Swiss private banking subsidiary of RBC is chiefly active in Latin America, Africa and the Middle East. These are complementary markets for SYZ Group, which will manage nearly CHF 40 billion in assets. This acquisition allows SYZ to extend its international footprint to raise its profitability and to deliver significant synergies.

With the acquisition of Royal Bank of Canada (Suisse) SA, the assets under management of the private banking business of SYZ Group will double, reaching nearly CHF 22 billion and making it one of the top 20 largest private banks in Switzerland. In total, including its Asset Management and Wealth Management divisions, the Group will manage nearly CHF 40 billion in assets under management.

"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 organization and I firmly believe that we will benefit enormously from their many skills." stated Eric Syz, CEO of the Group.

This transaction is still subject to the approval of the Swiss regulatory authorities.

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