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Royal Bank of Canada Wealth Management to Close Uruguay Office

Aug. 16 (Bloomberg) -- Royal Bank of Canada’s wealth management division will close an office with about 40 employees in Montevideo, Uruguay, at the end of October.

The decision is “part of a strategic review of our Latin American business,” said Aishling Cullen, a spokeswoman for the Toronto-based company, in an e-mailed statement. Some employees may move to other locations, and the office will provide services until Oct. 31, she said.

A local judicial inquiry involving soccer players, in which the bank was asked for information in June, is “a separate situation,” Cullen said. The firm is working with authorities and hasn’t been accused of any wrongdoing, she said.

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; Christine Harper at charper@bloomberg.net

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