The wealth management arm of Canadian bank RBC is to launch a new trust office in Singapore as it builds out its Asian business.

RBC Wealth Management, the wealth management division of Royal Bank of Canada, is opening a new trust office in Singapore, a region the firm considers increasingly important as a financial centre.

The new office will be headed by Hilary May, managing director. It will provide trust, estate planning and fiduciary services to the firm’s local and international clients.

RBC views Singapore as increasingly important in wealth and estate planning thanks to its high standard of regulation and legal system, its political and economic stability, and its high-quality infrastructure, the company said in a statement.

“We anticipate interest from many of our clients and prospects, particularly from the large number of Asian families who choose to immigrate into or back from Canada and the US,” said Barend Janssens, the firm's Singapore-based head of emerging markets. “The Singapore trust offering is another important step in the building of our Asian business, enabling us to offer an enhanced suite of wealth management services to clients in the region.”

The firm has been making aggressive strides in Singapore recently. Last week wealth management veteran Samir Dewan was named chief operating officer and head of business development for the emerging markets, a Singapore-based role in which he will oversee strategy, operations, overall business management and strategic initiatives for this side of the business. He was lured from Dutch bank ABN Amro where he was chief financial officer and chief operating officer for private banking in Asia. 

In Asia, RBC Wealth Management serves wealthy clients from its offices in Hong Kong, Singapore, Brunei and Beijing.