A growing number of Canadian banks have been shifting their focusof expanding business via wealth management on to Asian market,given roiling European debt and banking crisis, along with a tepidglobal economic recovery. Impressed by Asia's quick rebound from the global economic downturnthat began in the year of 2008, many a Canadian bankers areconfident Asia has great potential for developing lucrative wealthmanagement business. George Lewis, the Royal Bank of Canada Wealth Management grouphead, told Xinhua in an interview via e-mail that Asia-Pacificregion, home to the largest growing high-net-wealth individual (HNWI) population (those with assets over 1 million U.S. dollars),is becoming the driving force behind the global private bankingindustry's increasing interest for making investment. According to Lewis, Asia, in particular, with more than 2 millionpeople falling into the HNWI group, which is now second only afterNorth America by the number of HNWI population in the world, willsurpass North America to become the world's largest wealthmanagement market over the next few years based on the speedyrecovery of emerging markets from the economic crisis. Customers in Asia with 1 million dollars or more to invest willbring a lucrative market and considerable opportunities to theRoyal Bank of Canada, said Lewis. The Royal Bank of Canada, the largest Canadian lender by marketcapitalization, owns the largest wealth management business amongCanadian lenders. Last month, it announced plans to focus onacquisitions in the Asian market and to rapidly increase theirwealth management business in the same region. The Royal Bank of Canada is not alone in its ambition to tap thevast business growth potential in Asia. Three other Canadian banks-- the Bank of Montreal, the Bank of Nova Scotia, the CanadianImperial Bank of Commerce -- have all bolstered their capabilitiesof private banking business in Asia since two years ago. In a bid to remain active and to be able to respond to the Asianmarket needs quickly, the Royal Bank of Canada also created anemerging markets group and assigned a senior executive to be basedin Asia back in 2010. The Royal Bank of Canada Wealth Managementhas also have opened two offices in both Singapore and Hong Kong. China is home to approximately half of Asia's HNWI population, saidLewis, who suggested the country be an important part of his bank'sAsian market expansion strategy as more and more Chinese richpeople are seeking international wealth management solutions. The Royal Bank of Canada now manages about 20-billion-dollar assetsfor clients in Asia, which accounts for about one third of thebank's total volume of assets under administration in emergingmarkets. "Our goal is to increase the portion from Asia to 50 billion U. S.dollars by 2015, with approximately 50 percent being managed withinthe region itself," said Lewis in the e-mail. We are high quality suppliers, our products such as China Essential Oil Glass Bottles , Empty Nail Polish Bottles Manufacturer for oversee buyer. To know more, please visits Cosmetic Packaging Containers.
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