Royal Bank of Canada is looking to acquire wealth management businesses in the UK as part of a global expansion of its private banking arm, the head of advisory at its UK wealth unit said, according to Reuters, in comments that echo an interview with WealthBriefing earlier this year.

"We definitely want to look at a transaction... We would look for something UK focused as we have now started to build our onshore UK business but we are also interested in the UK offshore space," Phil Cutts, head of advisory for the British Isles at RBC Wealth Management told the news service

RBC has emerged from the financial crisis with a robust balance sheet and did not accept any state aid, leaving in it in a strong position to take advantage of a rush to sell assets by troubled rivals, Mr Cutts said.

Last month RBC said it has reached a deal to buy JPMorgan Chase & Co's investment advisor servicing business but has not disclosed details of the deal. It has also bought a number of businesses in recent years, boosting its capabilities in areas such as offshore trusts and wealth structuring.

In an interview with this publication earlier this year, Mr Cutts and senior RBC colleagues said they remain interested in growing both organically and through acquisitions.