US Private Wealth Group Service Launched
The Global Private Banking Department of the Royal Bank of Canada recently introduced a new U.S. Private Wealth Group service, described by Prime Minister Hubert A. Ingraham as a new and exciting venture for The Bahamas.
The Prime Minister was presenting remarks at the official launch of the new financial vehicle, which offers individuals with US tax connections estate and tax planning. According to Jean-Claude Emard, Managing Director of Global Private Banking, the service will assist clients with identifying and correcting potential U.S. tax and estate problems. The service not only meets the needs of high net worth clients, but also is fully compliant with emerging best standards and practices for the industry. Adding to the diversity available through Bahamian licenced financial service institutions, Royal’s Private Wealth Group will serve to strengthen the position of the financial services industry in The Bahamas.
The first international bank to open its offices in The Bahamas, nearly 100 years ago, the Royal Bank of Canada is considered the ‘Dean’ of the financial services industry. It served as monetary advisor to the Colony of the Bahama Islands, remaining even today the Government’s banker.
The Royal Bank Group today reflects the heritage of an institution, which is the acknowledged longest serving financial institution in The Bahamas. The Group accounts for 14% of the employment in the financial sector. Its total mortgage portfolio represents 28% of total mortgages granted by the domestic banking system and 30% of the systems deposit liabilities are held between Royal Bank and FINCO, a wholly owned subsidiary.