Royal Bank of Canada is shutting down its international client-wealth-management business in the Caribbean, along with some international advisory businesses in Canada and the US.

Royal Bank of Canada is shutting down its international client-wealth-management business in the Caribbean, along with some international advisory businesses in Canada and the US.

"RBC Wealth Management is realigning certain businesses within its international operations as part of a focused strategy that will enable  it to achieve sustainable, controlled growth and profitable scale in our priority markets while providing excellence in service to our clients.  As a result, RBC Wealth Management will be exiting its Wealth Management – International business in the Caribbean as well as certain international advisory groups and international private banking groups based in Canada and the U.S. These changes represent a small segment of our RBC Wealth Management business," a spokesman told this publication in an emailed statement.‬

Canada's Financial Post quoted a source saying that an internal memo about the changes caused “a bit of a shock” within the bank.

Over the past year, RBC has closed or scaled down wealth management operations in South America, for example.

As far as this publication understands, the bank remains committed to its international wealth management business although like many of its peers, has reviewed the number of its booking centres for efficiency reasons; banks are also changing operations as globlal pressure continues against offshore financial centres. For example, RBC, which has a SEC licence, has made a point of catering to expat US citizens living in countries such as the UK while other banks have closed their doors to Americans because they are seen as an unprofitable compliance burden. RBC Wealth Management, as reported in September, is realigning its international private banking operations in the US and is thus closing its private banking branch - which specialises in international cross-border business - in Miami, Florida.