Royal Bank of Canada Trust (Bahamas) has revealed to the Tribune that it is restructuring its operations to become a “centre of excellence” focusing on private banking and the trust business, part of a process that aims to enhance customer service and reduce costs through eliminating a layer of management.
In an interview with The Tribune, Ross McDonald, Royal Bank’s vice president for The Bahamas and Cayman Islands said the group, which worldwide made $8 billion in assets through its private banking and trust businesses, was moving its operation into administrative functions from Nassau to the Cayman Islands as it responded to the downturn in private banking created by the weak global economy, “challenging” capital markets and record low interest rates in the world’s major economies.
Mr. McDonald said the changes to the Nassau operation, which aimed to capitalise on its traditional strengths and skills in private banking and trusts to deliver more focused client service, were part of a wider restructuring involving Royal Bank’s operations in the US-Caribbean region that aimed to create a single management team and consolidate specific functions in one location.
Source: The Tribune
