- RBS Suisse SA has been under strategic review since late last year, and earlier this year JPMorgan was hired to run the sale. The buyer is Geneva-based SYZ Group.
- Terms were not disclosed.
- The sale “fits with our stated long-term growth strategy to build a focused global wealth management business that serves high net worth and ultrahigh net worth clients in priority markets from our hubs in North America, the British Isles and Asia," says George Lewis, group head of RBC (NYSE:RY) Wealth Management and Insurance.
- RBC Suisse had about $10.6B in AUM as of the end of last October.
- Source: WSJ