Royal Bank of Canada has acquired the wealth management business of Fortis Wealth Management Hong Kong, consisting of approximately 50 client-facing professionals.
Fortis Wealth Management Hong Kong is a wholly owned subsidiary of Fortis Bank.
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," says 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."
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.