|RBC Buys Fortis HK Wealth Management Business|
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Royal Bank of Canada said on Nov.8 that it has bought Fortis Wealth Management Hong Kong Ltd as it looks to expand into emerging markets, joining a list of rivals targeting Asian markets.
RBC would hire a number of client-facing staff in Asia, the bank said in a statement, adding to the 550 employees it already has in Asia.
"The acquisition of Fortis Wealth Management Hong Kong's staff and client book reflects RBC Wealth Management's commitment to enhancing our operations in Asia, both organically and through acquisitions," RBC Wealth Management Asia Chief Executive Frank Mu said in the statement.
Canadian rival Bank of Montreal also launched its Chinese business last month, saying it wanted to focus on wealth management and trade financing to expand its business in the world's No.2 economy.
RBC is the latest in a string of foreign banks to jump on the Chinese bandwagon, joining rivals in aiming to tap last year's 26 percent jump in millionaires in Asia.
Fortis Wealth Management Hong Kong was a wholly owned subsidiary of Fortis Bank SA, which joined BNP Paribas SA in May 2009 and now operates under the name BNP Paribas Fortis.
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Published on our website on Nov.11, 2010