Global banking major Standard Chartered announced on Wednesday a deal to acquire RBC Investor Services Hong Kong, one of the 13 Mandatory Provident Fund (MPF) trustees in Hong Kong. The acquisition price was not disclosed. Simon Kellaway, regional head of financing and securities services for Greater China and North Asia at Standard Chartered said, “This acquisition is a natural extension for us…We believe that we can grow that business quite dramatically over the coming years as there’s more focus on saving for retirement.” RBC Investor Services is an indirect subsidiary of Royal Bank of Canada and its clients include Sun Hung Kai Properties and large fund houses such as Allianz, Manulife, Fidelity, Invesco and Schroders. While Standard Chartered had sold its MPF businesses and an investment management entity to Manulife in 2015, Kellaway said that the business it has bought is different from the one it sold seven years ago.

Standard Chartered’s 4.75% Perps are trading ~0.4 points higher at 99 yielding 4.89%.

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