THE Royal Bank of Canada, the country's largest bank, plans to broaden its Asian operations following the C$1.66 billion (about HK$9.71 billion) acquisition of The Royal Trust Co earlier this year.
Chairman and chief executive Allan Taylor said this would see the merging of Royal Trust's international operations and Royal Bank's private banking arm.
As a result, Toronto-based Royal Trust, Canada's second-largest trust company, and Royal Bank will re-structure and merge operations in Hong Kong, Singapore and Taipei.
Mr Taylor said Royal Bank would have one of the world's largest custodian businesses and be able to expand its trust activities in Hong Kong and the region by providing more services to clients locally.
Another change will see Royal Trust Asia in Hong Kong become Royal Bank of Canada Investment Management (Asia).
Mr Taylor, who visited Hong Kong last week as part of a six-day Asian tour, said Royal Bank would establish a Hong Kong investment management unit to manage all of its mutual funds and the Asian portion of clients' global portfolios.
He said: ''These are important steps. Asia is recognised by our bank as the place of growth. Eleven of the 15 growing economies are in Asia, with average growth of six per cent expected over the next five years.'' Last March, Royal Bank became the first Canadian bank to open a branch in China. Mr Taylor said the Shanghai office and a representative office in Beijing provided Royal Bank with a good business base.