GENEVA, Dec. 15, 2015 (GLOBE NEWSWIRE) -- Five months after the acquisition of the Swiss subsidiary of Royal Bank of Canada - renamed Banque SYZ Suisse SA -, the merger with Banque SYZ SA is now complete. As a result of this transaction, Group SYZ's Wealth Management division doubled its assets and now ranks in the top 20 of the largest Swiss private banks. The acquisition was entirely financed with Banque SYZ's own capital and will enable it to extend its reach to new markets.
The integration of Banque SYZ Suisse SA - formerly Royal Bank of Canada (Suisse) SA - was finalised in five months thanks to its employees' commitment to ensuring a successful merger.
Clients now have access to a larger organisation with greater resources and expertise combining the benefits of a solid, independent private bank and performance-oriented management. The Banque SYZ SA business model was rewarded by the Global Private Banking Awards 2015. This is the second year in a row the bank has won an award in the annual ranking by PWM and The Banker, two Financial Times Group publications.
The acquisition increases the SYZ Wealth Management's assets to CHF 24 billion and the total assets managed by the Group to CHF 40 billion. Moreover, it enables Banque SYZ to develop in regions it had been absent from to date, including Latin America and Africa, thanks to the acknowledged expertise of the teams working in these markets.
In addition, the merger has created economies of scale as a result of the increase in assets under management and the profitability of investments required to meet new demands imposed by regulatory controls.
"The merger has enabled us to become a top 20 banking institution. I'm convinced that this strengthening will be beneficial to our clients and help our company meet the new challenges facing the Swiss financial market", said Eric Syz, Group CEO .
The acquisition was entirely funded with internal resources, demonstrating the Group's financial strength. Shareholders' equity and liquidity continue to be far in excess of Swiss standards which are among the most stringent in the world.
For additional information, please contact:
Moreno Volpi
Tel.: +41 (0)58 799 16 98
E-mail: moreno.volpi@syzgroup.com
About SYZ Group
Founded in 1996 in Geneva, Swiss banking group SYZ focuses exclusively on asset management via two complementary pillars: high-end private banking and asset management. SYZ employs 580 staff and has CHF 40 billion in assets under management (EUR 39 billion, USD 40 billion). Headquartered in Geneva, the Group also has offices in Zurich, Lugano, Locarno, Milan, Madrid, Barcelona, Bilbao, Zaragoza, London, Luxembourg, Brussels, Paris, Dubai, Johannesburg, Miami, Nassau and Hong Kong.
