The Royal Bank Financial Group is completing restructuring operations in the United States-Caribbean region, aimed at creating a single management team and consolidating specific functions in selected locations. Royal Bank of Canada Trust (Bahamas), already serving high profile, high net worth individuals, has been earmarked as a “centre of excellence” with specific focus on RBC’s private banking and trust business.
According to Ross McDonald, RBC’s Vice President for The Bahamas and Cayman Islands, the move will provide a good opportunity for The Bahamas to leverage banking and trust business from other jurisdictions also becoming specialised in specific business areas.
With each RBC location specialising in a particular client base, greater client focus will be the result, while at the same time providing for a reduction in the cost of doing business. The move also is seen as critical to positioning Royal Bank for the rebound of global markets and the economy.