RBC beefs up private banking operation
Bank appoints regional head to oversee changes to services offered to HNWIs.
Royal Bank of Canada’s (RBC) wealth management division, Global Private Banking, is to strengthen its service offer in the region and has appointed a regional director to oversee the changes.
The bank, which is a global provider of high net worth wealth management and investment services, has appointed Laurence Black to the position.
In this new role, Black will manage operations at the bank’s Dubai-based offices, which serve both private individuals and institutions across the GCC with a range of international wealth management and administration solutions, including international trust and estate planning solutions, banking, discretionary portfolio management and investment advisory services.
Commenting on his new role, Black said, “RBC has maintained a presence in the UAE for over 30 years and our future here looks nothing but rosy. The unparalleled regional expertise and experience of our bankers has helped us sustain excellent relationships with our client base, which ranges from the individual to the corporate entity.”
He also addressed the importance that RBC places on educating the local community on the intricacies of asset management. “The laws that apply abroad to personal or business assets may differ from the laws that exist here in the region. We help make sense of this confusing and complex situation by working closely with regional clients to ensure that their assets are managed appropriately and go to their intended beneficiaries in a timely, orderly, and tax-efficient way.”