The acquisition follows RBC Wealth Management’s announcement in September that it will be increasingly focused on emerging, high growth markets such as Asia.
With the acquisition, RBC now employs nearly 550 people in the Asia-Pacific region across its wealth management and capital markets businesses, in Hong Kong, Singapore, Tokyo, Brunei, Beijing and Sydney.
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RBC said it plans to continue growing its global footprint over the next five years.
RBC Wealth Management deputy chairman Michael Lagopoulos 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 RBC presence in Asia, a market that RBC have identified as a key priority.
