RBC Undertaking Review of Wealth-Management Business in Brazil

Royal Bank of Canada, the country’s largest lender, is undertaking a review of its wealth-management business in Brazil.

“We continuously evaluate options and opportunities to improve our business and enhance client service and over the coming months we are undertaking a strategic review of our Brazilian operations,” Aishling Cullen, a spokeswoman for the Toronto-based bank, said today in an e-mailed statement.

Royal Bank, which has a wealth-management office in Sao Paolo, said in August it was closing an office with about 40 employees in Montevideo, Uruguay, at the end of October as part of its strategic review of its Latin American business.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

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