Royal Bank of Canada is to launch an international advisory and full-service securities brokerage in Barbados as part of its wealth management division.

RBC - which has been present in Barbados for close to a century - already provides a number of wealth management services to clients on the island, including trust and fiduciary capabilities and discretionary investment management.

The launch of a Barbados office holds particular appeal for the bank due to its proximity to the southeast Caribbean, Central America, Venezuela and Colombia markets and the bank hopes that the new hub will benefit its ability to service clients in these markets.

“This marks a terrific accomplishment for RBC as we continue to expand in the Americas region, and reinforces our commitment to our Caribbean platform,” said Michael Moodie, head of Americas region, RBC Wealth Management.

In other recent developments, it was reported earlier this month that RBC has applied for an investment management licence in Brunei and a trust licence in Singapore, as it sees prospects in the wealth management sector in the two centres.