Canadian bank gets O.K. to provide banking services to non-U.S. residents. Royal Bank of Canada (RBC) has received "state agency" status for its two-year-old international wealth-management office in Houston. This means the Bank's non-U.S.-resident clients base their international wealth-management accounts in Texan metropolis.

"This marks an important step in the growth of our Houston office since we opened it two years ago," says Richard Martinez, managing director of RBC, 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."

Close to home

As a state agency RBC's Houston wealth office is licensed by State of Texas and regulated by the Federal Reserve to provide banking services to clients who are not resident in the U.S. It's prohibited from providing such services to U.S. citizens and residents.

RBC says providing private-banking services to international clients with wealth-management accounts based in Houston is part of a campaign to enhance service as it expands "selectively" throughout the U.S.

"Our international clients entrust us with their wealth to preserve and extend for generations to come," says Michael Moodie, head of RBC's U.S.A. and Caribbean region. "Our response is to provide a world of customized solutions, while ensuring we serve our clients close to home."

RBC's Global Private Banking is part of RBC Wealth Management, which has around $450 billion in assets under administration.

Toronto-based RBC has other international wealth-management offices authorized to provide banking services in Toronto, Vancouver and Montreal in Canada, Miami, New York and Delaware in the U.S. as well as in the Bahamas, Barbados, the Cayman Islands, Uruguay, Switzerland, Singapore, Hong Kong, the U.K. and the English Channel Islands. -FWR

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