(March 29 – 17:00 ET) – Royal Private Counsel Inc., a subsidiary of Royal Bank of Canada, plans to open a branch in Switzerland to deal with Canadian resident clients who have international discretionary investment management needs.

The decision to open the branch was made after a Royal Bank internal risk and compliance review of current securities regulations on a province-by- province basis, and after consultation with provincial securities regulators.

The bank says the review determined that private client investment management services provided by Royal Bank affiliates outside of North America were not in compliance with the registration requirements of the Canadian provinces.

Royal Bank approached staff of Canadian Securities Administrators with a proposal to address the situation. After a review of the bank’s proposal staff of the CSA accepted the bank’s recommendation and provided valuable assistance in its development and implementation.

RBC Private Counsel Inc., Geneva Branch will become Royal Bank Financial Group’s sole international provider of discretionary investment services to Canadian resident accounts. The opening of the branch is subject to regulatory approval.