Royal Bank of Canada Acquires Abacus Financial
Services Group Limited to Expand Service Offering
November 30, 2005
Royal Bank of Canada (RBC) and the shareholders of Abacus
Financial Services Group Limited have reached an agreement
whereby RBC has acquired Abacus, a leading wealth management
and fiduciary services business based in Jersey, Channel Islands.
The transaction has been approved by the regulatory authorities
and closed on November 30, 2005.
Initially Abacus will operate under the RBC Abacus brand using both the
Royal Bank of Canada (RBC) and Abacus logos in communications to Abacus
clients. This reflects the fact that Abacus is now a wholly owned subsidiary
of RBC. Ultimately we will operate under the single RBC brand.
With the acquisition of Abacus, RBC strengthens its position in wealth
management services in the U.K. and Channel Islands. The expanded operations
of the Global Private Banking business of RBC and Abacus comprise 30 offices
in 21 countries with almost 2,000 employees serving the sophisticated financial
needs of individual, corporate and institutional clients.
Clients of both businesses will continue to deal with their existing relationship
manager or client principal and can be assured of consistent, uninterrupted
service during the integration period. One of the key benefits you will
notice over time is the enhanced service options the Global Private Banking
business of RBC will offer.
Abacus will also benefit from the experience and client focus of its leadership.
Paul Patterson, head of Global Private Banking for RBC in the British Isles,
will oversee the integration of the combined business. Huw Bolle-Jones,
Abacus group chief executive, will take responsibility for the merged British
Isles trust and fiduciary services of the combined private client businesses.
The employees and leadership of the Global Private Banking business of
RBC and Abacus share a deep commitment to offering service that is unsurpassed
in the global wealth management industry. We believe that by combining
the best of our practices, knowledge and resources, we can continue to
provide all of our clients with the highest-quality service in the business,
as well as exciting, innovative opportunities to achieve their own long-term
objectives.
Further information about the Global Private Banking business of RBC and
Abacus is available from your relationship manager or client principal.
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