SYZ doubles AUM with RBC acquisition

Geneva-based banking group SYZ has agreed to acquire the Swiss private banking subsidiary of Royal Bank of Canada in a move which doubles the firm's assets under management and expands its reach across the world.

Following its expansion in the UK, the SYZ will now take over CHF10bn (£6.8bn) of assets which RBC's Swiss private banking arm operates in Latin America, Africa and the Middle East. The acquisition brings the AUM of SYZ Group up to CHF22bn, making it one of the top 20 largest private banks in Switzerland. When including its asset management and wealth management divisions, the group will now manage nearly CHF40bn. Eric Syz (pictured), chief executive of the acquiring firm, said: "This acquisition will enable Banque SYZ to access new markets in Latin America, Africa and Middle East, wh...