RBC introduces RBC Investor Services 27 July 2012Toronto Reporter: Mark Dugdale
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The Royal Bank of Canada has taken full control of RBC Dexia Investor Services and rebranded the global custody, fund and pension administration services provider as RBC Investor Services.
RBC Dexia started as a joint venture between RBC and Banque Internationale à Luxembourg.
RBC and Banque Internationale each owned 50 percent of the business, but the French-Belgium bank was reportedly forced to sell its stake after it fell victim to the European sovereign debit crisis and the 2008 credit crisis.
RBC announced its intention to buy Banque Internationale’s stake in RBC Dexia in October 2011 and signed a definitive agreement to do so in April 2012. RBC paid €837.5 million (C$1.1 billion) for the 50 percent stake.
“The industry fundamentals are very attractive and this business is positioned for solid long-term growth,” said Jim Westlake, the group head of international banking and insurance at RBC. “We look forward to building on our strong relationships with clients in our goal to become the premier provider of investor services worldwide.”
“We are excited about full ownership by RBC and have been encouraged by the response from our clients around the world since the announcement of this transaction in April,” said José Placido, the CEO of RBC Investor Services. “Our clients will benefit from RBC’s financial strength, complementary capabilities through wealth management and capital markets, and commitment to growth.”
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