The transaction, of which the value was not disclosed, is subject to regulatory approvals and customary closing conditions, and is expected to close in the third quarter of 2015.
RBC said the decision to sell RBC Suisse fits with the company’s long term strategy to serve high net worth and ultra-high net worth clients from its hubs in Asia, the British Isles and North America.
George Lewis, group head at RBC Wealth Management, said “SYZ has a strong reputation for client service and a complementary geographic focus to RBC Suisse, making it well positioned to build on the business’s strong history.
“We will work closely together with SYZ to ensure a smooth transition for RBC Suisse employees and a seamless process for clients.”
Headquartered in Geneva, RBC Suisse provides private banking and wealth management services to high net worth clients globally, with a particular focus on emerging markets, including clients from Latin America, Africa, and the Middle East.
Also based in Geneva, SYZ is a family-owned private bank and institutional asset management firm, with 19 offices globally.