Canada’s largest lender by assets RBC had said in November that it was reviewing the performance of its Swiss unit.
Its Swiss subsidiary has around CHF10bn ($10.58bn) in assets under management and is active primarily in Latin America, Africa and the Middle East.
With the acquisition, SYZ will be able to expand its international footprint that will help in increasing its profitability and deliver significant synergies.
The acquisition is likely to double the assets under management of the private banking business of SYZ Group, bringing it to around CHF22bn ($23.28bn).
SYZ Group CEO Eric Syz said: "This acquisition will enable Banque SYZ to access new markets in Latin America, Africa and Middle East, where strong entrepreneurship, one of our founding values, is expanding.
"It also represents a major step forward in terms of the Group’s growth strategy. I am delighted to welcome these new teams to our organisation and I firmly believe that we will benefit enormously from their many skills."
Subject to the approval of the Swiss regulatory authorities, the transaction will benefit clients with the combination of the expertise of Banque SYZ in asset management and RBC’s specific features including its renowned competencies and service quality.
