Royal Bank of Canada, announced the closing of its acquisition of the wealth management business of Fortis Wealth Management Hong Kong Limited, consisting of approximately 50 client-facing professionals. Fortis Wealth Management Hong Kong Limited is a wholly owned subsidiary of Fortis Bank S.A./N.V.
The acquisition follows RBC Wealth Management’s announcement in September that it will be increasingly focused on emerging, high growth markets such as Asia.
“Fortis Bank’s Hong Kong operations are a strong strategic and cultural fit for RBC Wealth Management’s international platform and this acquisition expands our presence in Asia, a market that we have identified as a key priority,” said Michael Lagopoulos, deputy chairman, RBC Wealth Management. “Moreover, RBC is a leading provider of banking and wealth management services to a substantial Asian population in Canada, which totals more than one million people, and we see significant opportunities to capitalize on the increasing flow of trade and immigration between the regions.”
Frank Mu, CEO of RBC Wealth Management, Asia, added: “The acquisition of Fortis Wealth Management Hong Kong Limited’s staff and client book reflects RBC Wealth Management’s commitment to enhancing our operations in Asia, both organically and through acquisition. We will be looking to hire a number of client-facing professionals over the coming months to support our growing franchise.”
“As a top 10 global wealth manager, we see a tremendous opportunity for growth in Asia and emerging markets,” said George Lewis, group head of RBC Wealth Management. “This acquisition will enable us to bring the best of RBC and RBC Wealth Management to more clients as we continue to expand internationally.”
RBC now employs approximately 550 people in the Asia-Pacific region across its Wealth Management and Capital Markets businesses, in Hong Kong, Singapore, Tokyo, Brunei, Beijing and Sydney. RBC plans to continue growing its global footprint over the next five years.
D.C.