Standard Chartered Bank Hong Kong (SCBHK) is to acquire RBC Investor Services Trust Hong Kong Limited, subject to regulatory approval.
The acquisition aims to enhance SCBHK’s securities services capabilities and client base as part of a wider effort to grow its custodian and fund servicing business.
SCBHK also aims to expand in to the Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Ordinance (ORSO) schemes trusteeship business in Hong
Kong.
RBC Investor Services Trust Hong Kong is an indirect subsidiary of Royal Bank of
Canada, and an approved trustee authorised by the MPF Schemes Authority.
It provides a full suite of services, including trustee, fund administration, custody and transfer agency services to MPF and ORSO schemes, as well as other Hong Kong and offshore investment funds.
Commenting on the acquisition, Mary Huen, CEO of Hong Kong, Standard Chartered, says: “Hong Kong is a key market to Standard Chartered. We remain highly confident in the outlook as Hong Kong continues to grow as an international financial centre. The acquisition, announced today, demonstrates our commitment to investing in growth areas, enhancing our client offering, and supporting the development of the retirement planning industry.”
Francis Jackson, CEO of investor services, RBC Investor & Treasury Services, comments: “Our strategy is to focus on North America and Europe – our key markets of growth. We thank our colleagues and clients in Hong Kong for their partnership, and remain committed to supporting each of them during the transfer.”
