ST. MICHAEL, BARBADOS, March 31, 2010 RBC (NYSE, TSX: RY), the largest financial institution in Canada, today announced the opening of an international investment advisory and full-service securities brokerage office in Barbados as part of the bank's wealth management division. The new business allows the Barbados office to offer RBC's full suite of wealth management solutions to its clients, and adds to the growth of the firm's investment platform across the Caribbean.
"This marks a terrific accomplishment for RBC as we continue to expand in the Americas region, and reinforces our commitment to our Caribbean platform," said Michael Moodie, head of Americas Region, RBC Wealth Management, International. "The enhancement of our Barbados operations aligns with RBC Wealth Management's core strategy of expanding internationally in select markets and continuing to build out and add scale to our hub offices internationally. We continually look for opportunities to grow in specific geographies where our history and brand are strong and where we can meet the needs of our clients."
RBC, which has had a presence in Barbados for nearly a century, will now have one of the largest and most complete investment platforms in the country. The firm provides a number of wealth management services to clients in Barbados, including trust & fiduciary, discretionary investment management, corporate services, and credit solutions.
"As a jurisdiction, Barbados continues to be attractive to both high net worth and institutional clients and is committed to maintaining its high standing as a well-regulated, responsible international financial centre through its transparent and sophisticated legal and regulatory standards and regulations," said Gordon Anderson, Managing Director of RBC Wealth Management, Caribbean. "Our history and knowledge of the Barbados market put us in a unique position to provide integrated wealth management and customized financial advice to our clients."
Barbados' proximity to the southeast Caribbean, Central America, Venezuela and Colombia markets also adds to its appeal as a hub office for RBC Wealth Management, and will benefit the firm's ability to service clients in those markets.
The announcement comes on the heels of RBC Wealth Management's recent recognition last month by Euromoney magazine for having the "Best Private Banking Services Overall" in the Caribbean. RBC was recognized in all three Caribbean countries in which it operates: Best Local Bank in the Bahamas, Best Foreign Bank in the Cayman Islands and Best Private Banking Services Overall in Barbados. As well, RBC is ranked 3rd and 13th respectively in the category of Best Private Banking Services Overall in North America and globally, and also ranked in the top 20 in Latin America and Western Europe.
About RBC Wealth Management
The international arm of RBC Wealth Management services over 35,000 high net worth individuals and institutions through more than 30 offices in the British Isles, Continental Europe, Asia, the Middle East, the Caribbean, Latin America and North America. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth individuals and to corporate and institutional clients. Services provided by RBC Wealth Management consultants, advisors, private bankers and trust officers include trust and estate planning, tax advice, discretionary investment management and investment advisory services, structured solutions, banking, lending and global custody. For more information, please visit www.rbcwminternational.com.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada's largest bank as measured by assets and market capitalization, and among the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial service companies, and provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 77,000 full- and part-time employees who serve more than 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 53 other countries. For more information, please visit rbc.com.
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RBC, New York: Kevin Foster, (212) 428-6209, firstname.lastname@example.org
RBC, Caribbean: Jan Knowles, (242) 356-8796, email@example.com
RBC, New York: Kait Conetta, (212) 428-6409, firstname.lastname@example.org