(13 January 2022 – Hong Kong) Standard Chartered Bank Hong Kong (SCBHK) has agreed to buy RBC Investor Services Trust Hong Kong – an indirect subsidiary of Royal Bank of Canada (RBC), as part of its broader plans to grow retirement business in the city.
The acquisition will enable Standard Chartered to be one of the 13 trustees for Hong Kong’s mandatory provident fund (MPF).
Previously, Standard Chartered also had its own MPF business before selling it as part of a larger deal to Manulife in 2015. It subsequently formed a 15-year MPF distribution partnership with RBC Investor Services Trust.
“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,” said Standard Chartered Hong Kong CEO Mary Huen.
“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,” said RBC Investor & Treasury Services CEO of investor services Francis Jackson.