The Royal Bank of Canada (TSX:RY) is acquiring the Latin American, Caribbean and African private banking business of Coutts, the wealth division of Royal Bank of Scotland Group.

The price of the transaction was not disclosed, though RBC Wealth Management, the division making the purchase, said the business has client assets in excess of $2 billion.

The deal is expected to close in the latter part of the second quarter, it said in a release.

“This business represents an excellent opportunity to increase our market share with high net worth and ultra high net worth clients in key high growth markets while delivering very attractive returns,” said George Lewis, group head, RBC Wealth Management.

The business to be acquired includes clients who reside in Latin America, the Caribbean and Africa, as well as private banking staff based primarily in Geneva, Switzerland, and also includes a team in the Cayman Islands.

“Our Geneva-based business has built a reputation for serving the often complex needs of emerging market clients,” said Karen Simpson, general manager and head of private banking, Royal Bank of Canada (Suisse) SA.

“This acquisition will enable us to increase our client base significantly in these three important target regions.”

RBC Wealth Management is one of the world’s top 10 largest wealth managers, directly serving affluent clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, investment, trust and other wealth management solutions.

It also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients through its RBC Global Asset Management business, which includes BlueBay Asset Management.

RBC Wealth Management has more than $534 billion of assets under administration and more than $313 billion of assets under management.