Royal Bank of Canada has restructured its domestic retail and commercial banking operations in the Cayman Islands. Existing customers were informed of the change in a letter sent dated 17 October.
RBC Royal Bank (Cayman) Limited, a new wholly owned Cayman subsidiary of the bank, has acquired the business conducted previously by RBC’s Cayman Islands branch. The change took effect on 1 November, 2011, after Royal Bank of Canada had obtained approval from the Cayman Islands Monetary Authority. The business will now operate under the brand name RBC Royal Bank.
RBC Royal Bank (Cayman) Limited has been granted a Class A bank licence from CIMA and will operate from the George Town and Red Bay premises. Meanwhile, the current RBC branch will also continue to operate from the Cayman Islands with a Class B banking license, providing deposit products and services to nonresident clients only.
The bank said it is committed to expanding its business across the region and the new legal structure will provide a platform for the future growth of the bank. The change of the structure will not affect the way customers do business with the bank, RBC Royal Bank said.
RBC has had a presence in the Cayman Islands for 47 years.
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