Royal Bank of Canada (Suisse) becomes Banque Syz Suisse after Syz has recently completed the acquisition of RBC’s Swiss private banking business.
Its merger with Banque Syz is scheduled for end 2015, Syz group stated in a press release.
Assets of Syz’s private banking division will double and reach CHF22bn (€20.2bn). In addition to Europe, Syz will soon have offices in Latin America, Africa and Middle East.
From 2017, the profits from this acquisition are forecast to contribute an additional CHF30m per year to the Syz Group, the firm said.
Syz currently totals CHF40bn (€39bn) in assets under management.