Royal Bank of Canada (RBC) international wealth management
president and chief executive Mike Lagopoulos said the Canadian
bank is closing in on acquisitions in Asia and Latin
America.
“We are expecting that between now and the end
of this year we will have a couple of things to report,” he
said.
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RBC has had wealth offices in China for the
past five years, and hubs in Hong Kong and Singapore. Lagopoulos said it planned to expand organically,
increasing its hiring plans in the region.
RBC rides through crisis
The Canadian lender has been one of the
strongest performing private banks through the crisis with $250bn
in discretionary assets under management, although Lagopoulos confirmed profits had dropped in the
past 18 months.
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By GlobalDataLagopoulos
said the bank was eager to push the Canadian link
to the Asian market to tap into the estimated 100,000
Canadian passport holders in China. Taiwan, Vietnam and
Korea havealso been identified as important markets
for new money going into Canada.
In February 2009, RBC bought
Mourant Private Wealth, a private client trust business with
operations in Jersey, Dubai and the Cayman Islands.
