RBC I&TS is to exit its Australia investor services business. The bank supplied the following official comment when asked to elaborate on the details of market reports.

"We have entered into a memorandum of understanding with Citi with the intention to facilitate an orderly transfer of our Australian investor services business. We will be working with Citi to engage our clients to discuss the opportunity of a timely and efficient transfer of their business.

"We are proud of the business we have established, the strong relationships we have forged with our Australian clients, and the calibre of our people.

"However, after careful consideration, we have concluded that the complex and dynamic nature of the market in Australia meant it was difficult for us to grow the business to the size and scale required to deliver meaningful value for our shareholders and clients.

"We consider that it is in the long-term interest of our clients and employees to seek a transfer of our business to an organization with a client focus and strong offering in the market.

"We thank our colleagues and clients for their partnership, and remain committed to supporting each of them during this period of transition."

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RBC I&TS is to exit its Australia investor services business. The bank supplied the following official comment when asked to elaborate on the details of market reports.

"We have entered into a memorandum of understanding with Citi with the intention to facilitate an orderly transfer of our Australian investor services business. We will be working with Citi to engage our clients to discuss the opportunity of a timely and efficient transfer of their business.

"We are proud of the business we have established, the strong relationships we have forged with our Australian clients, and the calibre of our people.

"However, after careful consideration, we have concluded that the complex and dynamic nature of the market in Australia meant it was difficult for us to grow the business to the size and scale required to deliver meaningful value for our shareholders and clients.

"We consider that it is in the long-term interest of our clients and employees to seek a transfer of our business to an organization with a client focus and strong offering in the market.

"We thank our colleagues and clients for their partnership, and remain committed to supporting each of them during this period of transition."