People Moves

RBC To Wind Down Private Banking Operations In Miami

Eliane Chavagnon Editor - Family Wealth Report 23 September 2014

RBC To Wind Down Private Banking Operations In Miami

RBC Wealth Management is realigning its international private banking operations in the US is thus closing its private banking branch - specializes in international cross-border business -in Miami, FL.

RBC Wealth Management is realigning its international private banking operations in the US and is thus closing its private banking branch - which specializes in international cross-border business - in Miami, FL.

“We will continue to provide credit and lending services to US residents from our New York bank branch,” a spokesperson told Family Wealth Report.

The spokesperson said the changes represent a “very small segment” of its US business and will have “no impact” on its growing retail brokerage business.

“We remain operational and continue to serve our clients, providing a high level of service and professional advice, throughout the transition period from now to April 2015. This transition period will provide our clients and employees with time to make informed and considered decisions,” she said.

The firm added that it is committed to providing all employees with support and assistance during the winding down process. It also highlighted that it has an international advisory group, which is separate from its US private banking business and which has an office in Miami.

That group will continue to operate as a business line within international wealth management, led by Ricardo Morean. 

The firm declined to comment on the rationale behind the move to reorganize its international private banking business in the US.  

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