Standard Chartered to acquire RBC Investor & Treasury Services’ trustee and domestic asset services business in Hong Kong
Standard Chartered Bank (Hong Kong) (“SCBHK”) announced that it has entered into an agreement with RBC Investor & Treasury Services to acquire 100% ownership of RBC Investor Services Trust Hong Kong, subject to regulatory approval.
The strategic acquisition will further enhance SCBHK’s securities services capabilities and client base, demonstrating its strong commitment in growing its custodian and fund servicing business, and expanding into the Mandatory Provident Fund (“MPF”) schemes and Occupational Retirement Schemes Ordinance (“ORSO”) schemes trusteeship business in Hong Kong.
RBC Investor Services Trust Hong Kong Limited is an indirect subsidiary of Royal Bank of Canada, and an approved trustee authorised by the Mandatory Provident Fund Schemes Authority. It provides a full suite of services, including trustee, fund administration, custody and transfer agency services, to MPF schemes, ORSO schemes, as well as other Hong Kong and offshore investment funds.
Mary Huen, CEO, Hong Kong, Standard Chartered, said: “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. Over the past 20 years, the net asset value of MPF schemes has kept increasing and now exceeds HK$1 trillion. 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.”
Simon Kellaway, Regional Head of Financing and Securities Services, Greater China & North Asia, Standard Chartered, said: “Standard Chartered has always been one of the leading securities services providers in Hong Kong. The acquisition of RBC Investor Services Trust Hong Kong Limited is fully aligned with SCBHK’s strategy and will enable us to offer trustee services for MPF schemes and other eligible investment funds in the future, significantly expanding the Bank’s securities services capabilities and creating new business opportunities.”