Business in brief

RBC Royal Bank launches private banking 

RBC Royal Bank is planning to launch private banking services in the Cayman Islands and the Bahamas from October. 

The bank already offers wealth management, estate planning and tax management services for select clients in Barbados and Trinidad and Tobago. 

The private banking service, which will accommodate all banking services with the exception of cash transactions, will be based in RBC House on Shedden Road in George Town. 

Nathaniel Beneby Jr., managing director of RBC Royal Bank in the Bahamas, Cayman and the Turks & Caicos Islands, said the Cayman Islands is an important growth market for the bank. “With private banking, we now have a complete solution to meet the needs of all of our clients at any stage in their lives,” he said. 

Michael A. Munnings, country head, and area vice president, personal banking, for RBC Royal Bank in Cayman, said the new service “will deliver an exclusive and sophisticated banking experience to high net worth clients, while catering to the financial and wealth management needs facilitated by a designated relationship manager.” 

With the introduction of private banking, RBC will close the Caribbean Plaza branch and consolidate it with its main branch in George Town from Oct. 2. An ATM machine will remain at Caribbean Plaza site for an extended period. 

The bank said a review had indicated that the market is best served with two branches, located in George Town and Red Bay, in addition to its private banking services. 

Clients of the Caribbean Plaza Branch have been advised of the change by mail and with branch signs. 

Interns get work experience at LIME 

Telecommunications company LIME hosted five interns in a summer program that gave the students the opportunity to work in the various departments of the company, including finance, customer service, marketing, technology, retail and analytics. 

“Working in a real-world environment allows interns to experience what they’ve learned in school acquiring firsthand knowledge of the telecoms business,” said Matthew Seales, LIME’s HR manager in Cayman. 

“It’s a great opportunity for them to spend the summer working alongside leading professionals in the technology industry to learn and potentially start their career at a cutting-edge company,” he said. 

Intern Selena Scott said, “My time at LIME has been wonderful, I knew coming into a company like LIME would make me grow and expand my knowledge. I know that I want to work in marketing and working with the marketing team has confirmed it.” 

Mourant Ozannes expands Hong Kong practice 

Mourant Ozannes’s restructuring and litigation practice in Hong Kong will cover both BVI and Cayman Islands law for the firm’s Asia-based clients. 

Partner Shaun Folpp, who established the firm’s BVI litigation and insolvency practice, will build on the BVI and Cayman Islands litigation, restructuring and insolvency work already being undertaken by the firm across Asia. 

This new practice is a natural fit to the work already undertaken in Hong Kong, the law firm said, and will support the firm’s corporate, investment fund, and finance practices. 

Mourant Ozannes said the firm had experienced significant growth in Asia with the Hong Kong office headcount tripling in the past three years. In the past 12 months, eight new starters joined the office and revenue has doubled, the firm said. 

Appleby acted for holdings firm in Hong Kong listing 

Appleby acted as Cayman counsel for LEAP Holdings Group Ltd. in its listing on the Main Board of the Hong Kong Stock Exchange on Sept. 2. 

The company, which is engaged in foundation works, ancillary services and construction waste handling at public fill reception facilities managed by the government in Hong Kong, will use the majority of the HK$143 million (US$18.4 million) net proceeds from the offering to acquire to acquire machinery and equipment, strengthen its workforce, and repay outstanding bank loans, as well as for general working capital. It is the third foundations company Appleby has assisted with its HKEx listing within the last month, the law firm said. 

LIME interns Siovhan Simms, Kamaal Ebanks, Romario Ysaguirrie and Selena Scott with CEO Bill McCabe.
LIME interns Siovhan Simms, Kamaal Ebanks, Romario Ysaguirrie and Selena Scott with CEO Bill McCabe.