ROYAL Bank of Canada stands to gain significant expertise, as well as over £3.5 billion in assets under administration, following its latest buy-out.

The acquisition of Mourant Private Wealth, announced shortly before Christmas, is subject to regulatory approval but the transaction is expected to close this month.

All 47 staff have been offered jobs by their new employer. Senior personnel include long-standing partner and Jersey Law Commissioner Advocate Alan Binnington and the division is headed by experienced private banker Anthony Cooke-Yarborough.

Steve Romeril, RBC’s head of trust for the British Isles (pictured), said: ‘We have been working on this transaction for a number of months. The two businesses have a lot in common and it is a good fit, both because of the sort of clients and quality of the people.’ This latest acquisition follows RBC’s buyout of Jersey-based Abacus Financial Services Group in 2005.