Royal Bank of Canada (RBC) is broadening its Asian footprint through the acquisition of the wealth management business of Fortis Wealth Management Hong Kong.
Michael Lagopoulos, deputy chairman, RBC Wealth Management, said: “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.”
Frank Mu, CEO of RBC Wealth Management, Asia, said: “The acquisition of Fortis Wealth Management Hong Kong’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.”
The purchase is in line with RBC Wealth Management’s announcement in September that it will increasingly be focusing on emerging markets. The bank plans to continue growing its global footprint over the next five years.
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