The bank announced plans in September to restructure from three geographical business units to four: Canada, United States, United Kingdom and Emerging Markets, as part of its plan to focus on emerging, high growth areas such as Asia.
Michael Lagopoulos, who was appointed deputy chairman, RBC Wealth Management, Ultra High Net Worth – International in September and tasked with leading the company’s expansion into new markets, said the acquisition is a strong strategic fit in a market identified as a key priority.
“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,” he added.
Meanwhile, Frank Mu, CEO of RBC Wealth Management, said: “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.”
He added the company would be looking to hire a number of client-facing professionals over the coming months.
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 and said it plans to continue growing its global footprint over the next five years.