The Geneva-based banking group is opening an office in Uruguay now that it received the necessary license from the local regulator.
The local branch is the Syz family-owned financial boutique’s response to growing customer demand and its intention to expand its presence in the region.
This is Syz’s first location in Latin America with the group implementing what it planned in 2018. At the time the experience in Miami, Florida, where the firm took over an office with the purchase of the international private banking business of the Royal Bank of Canada (RBC) in 2015, had been sobering.
Based in Montevideo’s Zonamerica Free Zone, Syz Wealth Management will focus on investment advisory services for offshore clients.
The bank plans to expand its Latin America presence in the coming years through the targeted acquisition of other financial service providers.