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RBC may sell Swiss private bank unit

Royal Bank of Canada is selling its Swiss private bank to Banque Syz. Sources in the know said the Geneva-based business has about 10 billion Swiss francs ($10.6 billion) of client assets under management. A final deal is yet to be signed, they added. The bank had earlier said it is reviewing its Swiss private bank. Several financial services institutions are leaving Switzerland in view of the high regulatory and compliance cost of managing private wealth offshore.

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