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Canada's RBC Takes Over Fortis Wealth Management Hong Kong
Vanessa Doctor
8 November 2010
Royal Bank of Canada has closed its acquisition of the wealth management unit of Fortis Wealth Management Hong Kong, in a deal that will bring 50 client-facing professionals to the Canadian business. Fortis has already sold off some of its businesses after the Dutch/Belgian firm was hit by heavy losses in the credit crunch more than two years ago; it has, for example, spun off part of its wealth management operations to BNP Paribas, the French banking conglomerate. RBC presently employs around 550 in the Asia Pacific region through its wealth management and capital markets businesses in Beijing, Brunei, Hong Kong, Singapore, Sydney, and Tokyo. Further expansion-related announcements are expected over the next half decade.
The acquisition is consistent with RBC Wealth Management's announcement in September that it will be boosting its Asian strategy, the firm said in a statement.
"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," Frank Mu, the chief executive of RBC Wealth Management for Asia, said.