Financial services firm SMP Group has agreed to buy RBC Corporate Services Hong Kong, which is part of RBC Investor & Treasury Services.
The latest builds on the collaboration between the two parties on private wealth structuring solutions.
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Earlier, SMP snapped up the Bahamas and Cayman Island corporate services operations of RBC.
RBC Investor & Treasury Services managing director for Asia Andrew Gordon said: “Our decision is based on our strategy to focus investments in key markets and products where we have a competitive advantage.
“We believe it is in the long-term interest of our clients and employees to transfer to SMP, an organisation with a focus on corporate services activities.”
The deal has been supported by Palatine Private Equity, which assisted SMP in its management buyout last year.
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By GlobalDataIt also secured surplus debt financing from Apera Asset Management.
Financial details of the transaction were not disclosed. The deal awaits regulatory nod.
SMP Group CEO David Hudson said: “Hong Kong is an immensely important jurisdiction for us, in which we are driving impressive growth and raising the bar for internationally compliant corporate and private wealth services.
“This deal with RBC will accelerate our ambitious plans for the region, in a way that enhances our existing global service offering and brings an extended support network to clients.”
SMP has operations in the Bahamas, Cayman Islands, Hong Kong, Isle of Man, Jersey, Malta, and Switzerland.
Last year, the firm entered into an agreement to acquire Helm Trust Company, a Jersey-based trust and corporate services provider.
