RBC announced a Memorandum of Understanding with CACEIS in October 2022 for the proposed acquisition of the European and Malaysian asset servicing operations of RBC Investor Services1. Please note, the acquisition of RBC Investor Services Bank S.A., its subsidiaries, and branches, was completed following receipt of necessary approvals on July 3, 20232.
On October 31, 2023, the migration of certain client relationships of RBC Investor Services Trust, UK Branch (RBCIS UK) to CACEIS Bank, UK Branch (CACEIS Bank) by way of a transfer under Part VII of the UK Financial Services and Markets Act 2000 was approved by the High Court.
You can read a copy of the full Court Order issued by the High Court here.
High-level timeline
July 28, 2023
- The first court hearing in which RBCIS UK received approval to begin the Part VII process in respect of the proposed transfer
August – End of October, 2023
- We communicated with all clients in-scope of the scheme, third-parties and counterparties, sharing any necessary details and providing opportunities to address any questions or concerns, and detailing their migration weekend.
October 31, 2023
- A final court Hearing, called a Sanction Hearing, at which the UK High Court approved our proposal for the transfer.
Q1 2024 onwards
- Migrations of clients from RBCIS UK to CACEIS Bank will begin.
Important Documents
Asset Migrations
The top priority for RBC and CACEIS, respectively, is to ensure the migration of client assets between RBCIS UK and CACEIS Bank is seamless and incurs as minimal disruption as possible.
All in-scope clients of RBCIS UK have been informed of their migration dates and we are working with CACEIS Bank, alongside our clients, to execute the plan to securely transfer the applicable elements of part of the RBCIS UK business.
How to Contact Us
If you have any questions about the Part VII transfer process or your migration you can reach out to your usual RBCIS client representative.
(1) In July, the newly rebranded ‘RBC Investor Services’ business line was announced following the realignment of Treasury Services under the RBC Capital Markets organization in February.
(2) The press release issued by CACEIS is available here.