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Royal Bank of Canada's Global Private Banking Office in
Houston achieves state agency status
Office to provide greater access to wealth management solutions
for non-resident clients
TORONTO, May 1, 2007 — Royal Bank of Canada
(RY on TSX and NYSE) announced the expansion of services available
through its international wealth management office in Houston,
Texas, with the achievement of agency status. The team can
now provide customized financial services for high-net-worth
individuals and institutions with international interests.
"This marks an important step in the growth of our Houston
office since we opened it two years ago," said Richard
P. Martinez, managing director, Royal Bank of Canada, Houston.
"We are pleased to provide more services to non-residents,
particularly our clients based in Mexico, who are interested
in preserving and growing their financial assets while being
concerned with international financial planning."
As a result of the change, non-resident clients of RBC can
now choose to base their international wealth management accounts
in Houston, in addition to RBC Global Private Banking offices
in Miami, New York, Delaware, Toronto, Vancouver, Montreal,
the Bahamas, Barbados, Grand Cayman, Uruguay, Geneva, London,
Jersey, Guernsey, Singapore and Hong Kong. As a state agency,
the Houston Office is licensed and regulated by the State
of Texas, regulated by the Federal Reserve, and may operate
in the business of banking, but may not accept deposits from
or provide other banking services to citizens or residents
of the U.S.
"As we expand selectively throughout the United States,
our goal is to provide clients with more choice," said
Michael Moodie, head of RBC's USA & Caribbean region.
"Our international clients entrust us with their wealth
to preserve and extend for generations to come. Our response
is to provide a world of customized solutions, while ensuring
we serve our clients close to home."
Royal Bank of Canada's Global Private Banking division continues
to increase its presence in the United States by recruiting
client-facing professionals at each of its locations in Houston,
Miami, New York, Wilmington (Delaware), Chicago, and San Francisco.
About Royal Bank of Canada Global Private
Banking
Global Private Banking is part of RBC Wealth Management which
directly serves affluent and high net worth clients in Canada,
the United States, Latin America, Europe and Asia. RBC Wealth
Management provides asset management and trust services through
RBC partners and third-party distributors and has over $500
billion of assets under administration, 3,500 financial advisors
and $150 billion of assets under management. For more information,
please visit www.rbcprivatebanking.com.
About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries
operate under the master brand name of RBC. We are Canada's
largest bank as measured by assets and market capitalization
and one of North America's leading diversified financial services
companies. We provide personal and commercial banking, wealth
management services, insurance, corporate and investment banking
and transaction processing services on a global basis. Our
corporate support team enables business growth with expert
professional advice and state-of-the art processes and technology.
We employ approximately 70,000 full- and part-time employees
who serve more than 14 million personal, business, public
sector and institutional clients throughout offices in North
America and 34 countries around the world. For more information,
please visit www.rbc.com.
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For further information, please contact:
Janine Waschuk, Toronto, 416-955-2735
Andrea Herrmann, Miami, 305-860-1000
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