RBC Wealth Management group head George Lewis said the business represented an opportunity to increase its market share with high net worth and ultra high net worth clients in key high growth markets while delivering attractive returns.
"As the sixth-largest wealth manager in the world, we can offer these clients the very high level of personal service and global capabilities that they expect from a top tier international firm," Lewis added.
The sale was part of Coutts’ strategy to focus on the UK, Switzerland, Russia, the Middle East and Asian markets, RBS said.
Under the leadership of Karen Simpson, head of RBC’s emerging markets division, around 20 private bankers from Coutts will join RBC, Lewis added.
The acquisition also includes clients residing in Latin America, the Caribbean and Africa, as well as key private banking staff based in Geneva, Switzerland and also a team in the Cayman Islands.
The transaction is expected to close in the latter part of second quarter of 2012 and will not involve Coutts’ Asian and European clients.
Coutts was acquired by RBS in 2000 as part of its takeover of British bank NatWest.
RBC has wealth offices in Chile, Uruguay and Sao Paolo.
