Royal Bank of Canada (TSX:RY) announced Friday it has completed the acquisition of the 50% stake of RBC Dexia Investor Services Ltd. that RBC did not already own from Banque Internationale à Luxembourg S.A.
With this transaction, RBC becomes the sole owner of the top 10 global custodian, which is being rebranded RBC Investor Services.
The deal was first announced back in April.
“The industry fundamentals are very attractive and this business is positioned for solid long-term growth,” said Jim Westlake, group head, international banking and insurance, RBC. “We look forward to building on our strong relationships with clients in our goal to become the premier provider of investor services worldwide.”
Results for RBC Investor Services will continue to be included within RBC’s International Banking segment, which also includes results from RBC’s Caribbean banking and U.S. cross-border banking businesses.
RBC Investor Services ranks among the world’s top 10 global custodians with $2.8 trillion in client assets under administration.