Canadian asset servicer Royal Bank of Canada Investor & Treasury Services (RBCI&TS) is set to offload its Hong Kong-based business to Standard Chartered.
The decision to sell RBC Investor Services Trust Hong Kong is so that RBCI&TS can focus on its asset servicing business in Europe and North America which Francis Jackson, CEO of investor services, describes as the firm’s “key markets of growth”.
The sale, which is still subject to regulatory approval, will also enable Standard Chartered Bank Hong Kong (SCBHK) to broaden its asset servicing offering in the region.
This includes expanding into the mandatory provident fund (MPF) schemes and occupational retirement schemes ordinance schemes trusteeship businesses in Hong Kong.
“Hong Kong is a key market Standard Chartered,” said Mary Huen, CEO, Hong Kong, Standard Chartered. “Over the past 20 years, the net asset value of MPF schemes has kept increasing and now exceeds HK$1 trillion.”