RBC acquires Fortis Wealth Management Hong Kong

Royal Bank of Canada (RBC) has acquired Fortis Wealth Management Hong Kong as part of an effort to build up the bank's private banking business in Asia.

RBC Wealth Management has a focus on emerging, high-growth markets including Asia, and will take on 50 client-facing professionals from Fortis Hong Kong, a unit of Fortis, which was acquired by BNP Paribas.

Frank Mu, chief executive of RBC Wealth Management Asia, told Asia Risk the bank will have 65 relationship managers in Asia post-acquisition