Canada's largest banking group strengthens its presence in HK

The corporate and investment banking arm of the RBC Financial Group, RBC Capital Markets, today (April 29) announced the launch of its services in Hong Kong.

The group has had a presence in Hong Kong since 1958 when it opened a representative office. Today, its operations include corporate and investment banking, private banking, custodial services and retail brokerage.

"The addition of RBC Capital Markets in Hong Kong recognises the importance of offering a broad and ever-expanding range of products and services to corporations, governments and institutions in the Asian economy," said Mr John Burbidge, RBC Capital Markets chief operating officer for Europe and Asia.

RBC Capital Markets currently operates offices in some 30 countries. The firm offers focused industry expertise and global reach in its chosen products, markets and industry sectors through five business divisions and 3,000 employees including some 80 analysts covering more than 900 companies.

Speaking at the opening ceremony, the Secretary for Financial Services and the Treasury, Mr Frederick Ma, said the company had made a wise strategic move by establishing a foothold in Hong Kong.

"Hong Kong is a leading international financial centre in the region. Our stock market, with market capitalisation of US$740 billion, is Asia's second, just after Tokyo. In 2003, there were 73 IPO issues on the Stock Exchange. Together with secondary offerings, more than US$27 billion was raised during the year, nearly double the figure for 2002," he said.

"Particularly important is the fact that Hong Kong is the single largest foreign capital centre for Mainland enterprises, with over US$100 billion in funds raised since early 1990s."

The chief executive officer of the Hong Kong branch of RBC Capital Markets, Mr Andrew Turczyniak, said he was optimistic about the future of the financial services sector in Hong Kong.

"We recognise that this city epitomises the vitality of the region. We see tremendous business opportunities in the rapidly growing Asian economy and view this milestone as a bridge to future business expansion throughout the Pacific Rim," he said.

RBC Capital Markets is the global brand for the corporate and investment banking businesses of RBC Dominion Securities, Canada's leading investment bank, and Dain Rauscher Wessels, the US equity capital markets arm of RBC Dain Rauscher.

Ends/Thursday, April 29, 2004