RBC beefs up Asian presence with Fortis

RBC has acquired Fortis Wealth Management Hong Kong from Belgian Fortis Bank.

The deal is in line with Royal Bank of Canada's strategy to focus its wealth management activities on fast-growing emerging markets, including Asia. The deal forms also an excellent strategic and cultural fit into the company's existing wealth management portfolio, enabling the bank to further beef up its Asian presence.

Royal Bank of Canada, which aims at further expanding its international operations in the coming five years, employs currently about 550 in the Asia-Pacific region serving the bank's wealth management and capital markets businesses.

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