Following the completion of Royal Bank of Canada's acquisition of troubled bank Dexia's half of RBC Dexia, José Placido, chief executive of the now-renamed RBC Investor Services, sees most growth opportunities within the asset management and sovereign wealth communities.
Following the completion of Royal Bank of Canada’s acquisition of troubled bank Dexia’s half of RBC Dexia, José Placido, chief executive of the now-renamed RBC Investor Services, sees most growth opportunities within the asset management and sovereign wealth communities.
In Asia, RBC Investor Services already offers services domestically and cross-border in Singapore, Hong Kong and Dubai, with Placido identifying China as an opportunity. Given the nature of the acquisition, the emphasis is more on expansion, rather than large cost synergies.
RBC Investor Services is planning to hire senior people in China and Brazil and is opening a relationship and sales office in New York to help leverage its US capital market presence. Assuming all goes smoothly including regulatory processes, the bank should be up and running in all three countries by the end of the first quarter of 2013.
Placido (pictured) says he wants to keep the vast majority of the company’s 5,900 staff and in some cases hire more. He is positive about its predominantly sub-custody network model which stretches across more than 80 countries. A series of town hall meetings led by team managers has been set up to inform all employees as to the reasons behind the acquisition and how the company plans to move forward.
He comments: “We have now gone from a level of uncertainty to benefiting from a flight to quality. We have a five-year roadmap and this could include acquisitions which have already been identified.”
See the full interview in the Autumn 2012 edition of Custody Risk.
This article was first published on Risk