Fidelity Bank & Trust International and Royal Bank of Canada have signed a definitive joint venture agreement, under which RBC will acquire a 50 per cent interest in Fidelity’s wholly owned Bahamas-based subsidiary, Fidelity Merchant Bank & Trust. The joint venture will be called Royal Fidelity Merchant Bank & Trust. Royal Fidelity will provide corporate finance and advisory, investment management, stock brokerage, share registrar and transfer agency, pension and mutual fund administration services to existing and new clients throughout the Caribbean. RBC will transfer its Barbados investment management and trust business to a Barbados subsidiary of Royal Fidelity on receipt of local approvals and licences. Royal Fidelity will operate in the Bahamas and Barbados with assets under management and administration in excess of $1 billion, with plans to open offices elsewhere in the Caribbean. The combination of RBC and Fidelity establishes a one-stop solution for medium to large-sized corporate finance engagements. Royal Fidelity clients will be offered corporate finance services as well as corporate banking products, such as bridge loans, project finance, and term loans, along with wealth management and fiduciary services.