As part of the realignment of the Canadian business, the firm says that its RBC treasury services will now operate within fall RBC Capital Markets. The firm says this move highlights RBC’s commitment to its core Canadian market.
The deal was announced in October, when CACEIS agreed to buy RBC’s European securities services business, including custody and global custody FX, securities lending, fund administration and transfer agency, along with middle-office services.
The completion of this transaction aligns with the proposed timeline framed out in October, when the two parties signed a memorandum of understanding and indicated that the deal was likely to be completed by the end of Q3 2023, subject to the normal antitrust scrutiny and regulatory approvals.
CACEIS also expects to complete the purchase of the UK branch of RBC Investor Services and Trust and RBC Investor Services' Jersey operation in coming months, subject to the required regulatory approvals.
Commenting on the firm’s realignment, CEO of RBC Investor Services Francis Jackson says: “We see significant opportunity to compete in Canada and take pride in helping to drive our clients’ success through innovative, tailored solutions that address their evolving needs.
“We are confident that our rebranding and strategic initiatives will further strengthen our position as a trusted partner.”
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