Royal Bank of Canada has consolidated its Far Eastern operations under a single brand, RBC Wealth Management Asia, and appointed a president and chief executive of the newly unified business.
Singapore-based Matthew Yong has been made president and Frank Mu, who heads the Hong Kong advisory team, handed the role of CEO.
Singapore and Hong Kong will continue as the main regional hubs for the business, which also has a representative office in Beijing and a branch in Brunei.
RBC said Asia was a “strategic area for expansion” due to the growing high net worth population.
Following their appointments, Yong will continue to be responsible for Asian sales and distribution.
Mu continues to lead the advisory team, while also focusing on client support, a role that includes responsibility for trust, discretionary investment management, investment advisory and credit. He will also oversee what RBC terms functional support, taking in operations, IT, human resources, finance, risk and compliance.
Doug Gunton, head of Asia and Canadian international centres for RBC Wealth Management, to whom Yong and Mu report, said: “Matthew and Frank are exceptional leaders and we have a strong team in place to serve the integrated wealth management needs of high net worth and ultra high net worth families in Asia.
“Asia is a high growth region and a key priority for RBC Wealth Management’s international wealth management business.”
RBC Wealth Management is the international arm of Royal Bank of Canada, Canada’s largest bank and the 12th largest bank in the world.
It has 35 branches spanning the UK, Europe, Asia, the Middle East, Caribbean and Latin and North America.
It provides integrated wealth management services to high net worth and ultra high net worth individuals and has more than C$490bn under administration.
