Source: The Canadian Press

Royal Bank of Canada (TSX:RY) says it has acquired a wealth management firm based in Hong Kong with about 50 staff members, beefing up its presence in the Asia-Pacific region.

Canada’s largest bank did not disclose how much it paid for Fortis Wealth Management Hong Kong Ltd., a wholly owned subsidiary of Fortis Bank.

Royal Bank says the acquisition comes as it looks to buy assets in emerging, high growth markets such as Asia.

“Fortis Bank’s Hong Kong operations are a strong strategic and cultural fit for RBC Wealth Management’s international platform,” said Michael Lagopoulos, the deputy chairman of RBC Wealth Management.

“This acquisition expands our presence in Asia, a market that we have identified as a key priority.”

“We see significant opportunities to capitalize on the increasing flow of trade and immigration between the regions,” he added.

Some of Canada’s largest banks have been ramping up their operations in China, as part of an effort to grab a share of the country’s rapidly growing middle class.

Last month Bank of Montreal (TSX: BMO) chief executive Bill Downe said the bank was weighing whether it would start a Chinese wealth management division after opening a subsidiary in China.

China’s middle class market segment invests heavily in retirement savings plans and investment portfolios.

Royal Bank said it will now have about 550 employees in the Asia-Pacific region across its wealth management and capital markets divisions.