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Royal Bank of Canada (RY-T) is buying some overseas divisions of the Coutts private banking business from Royal Bank of Scotland, giving RBC access to high net worth individuals in fast-growing emerging markets.
RBC is buying Coutts' Latin American, Caribbean and African private banking arms, which managed around 1.5 billion pounds ($2.4 billion US) of assets.
"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, in a statement.
"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," he added.
For RBS, which is 82-percent owned by the British government after a state bailout during the 2008 credit crisis, the sale forms part of its program of selling non-core assets to focus more on its core UK retail banking business.
RBS said the sale was in line with Coutts' strategy to focus on key markets such as the UK, Switzerland, Russia, the Middle East and Asia.
The price of the transaction was not disclosed.