Royal Bank of Canada’s Global Private Banking Office in Houston achieves state agency status
Royal Bank of Canada (RY on TSX and NYSE) announced the expansion of services available through its international wealth management office in Houston, Texas, with the achievement of agency status. The team can now provide customized financial services for high-net-worth individuals and institutions with international interests.
“This marks an important step in the growth of our Houston office since we opened it two years ago,” said Richard P. Martinez, managing director, Royal Bank of Canada, Houston. “We are pleased to provide more services to non-residents, particularly our clients based in Mexico, who are interested in preserving and growing their financial assets while being concerned with international financial planning.”
As a result of the change, non-resident clients of RBC can now choose to base their international wealth management accounts in Houston, in addition to RBC Global Private Banking offices in Miami, New York, Delaware, Toronto, Vancouver, Montreal, the Bahamas, Barbados, Grand Cayman, Uruguay, Geneva, London, Jersey, Guernsey, Singapore and Hong Kong. As a state agency, the Houston Office is licensed and regulated by the State of Texas, regulated by the Federal Reserve, and may operate in the business of banking, but may not accept deposits from or provide other banking services to citizens or residents of the U.S.
“As we expand selectively throughout the United States, our goal is to provide clients with more choice,” said Michael Moodie, head of RBC’s USA & Caribbean region. “Our international clients entrust us with their wealth to preserve and extend for generations to come. Our response is to provide a world of customized solutions, while ensuring we serve our clients close to home.”
Royal Bank of Canada’s Global Private Banking division continues to increase its presence in the United States by recruiting client-facing professionals at each of its locations in Houston, Miami, New York, Wilmington (Delaware), Chicago, and San Francisco.
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