To our valued clients:
Royal Bank of Canada (RBC) has received approval from the Cayman Islands Monetary Authority (CIMA) to re-structure its domestic retail and commercial banking operations in the Cayman Islands.
RBC Royal Bank (Cayman) Limited, a new Cayman Islands incorporated, wholly owned subsidiary of Royal Bank of Canada, will acquire and operate the current RBC domestic retail and commercial banking business in the Cayman Islands. The change will be effective November 1, 2011 and the business will be operated under the brand name RBC Royal Bank.
RBC Royal Bank (Cayman) Limited will continue to provide the same competent, friendly and helpful service you have become accustomed to over the years. The change in our structure will not affect the way you do business with us.
You may continue to make payments, write cheques, access our products and services and utilize our facilities as you do currently. Please note that all new client cheques printed after November 1, 2011 will carry the new name, RBC Royal Bank (Cayman) Limited.
Any transaction by you on your accounts after November 1, 2011 will constitute your consent to and acceptance of the transfer of the RBC branch’s rights and obligations, with respect to your relationship (other than with respect to security over real property, as noted below), to RBC Royal Bank (Cayman) Limited. Accordingly, the terms and conditions of such relationship with the RBC branch shall apply between you and RBC Royal Bank (Cayman) Limited from November 1, 2011.
Unless you receive notice in writing to the contrary, any security granted by you to the RBC branch will continue to be held in the name of the RBC branch, although this may be transferred to RBC Royal Bank (Cayman) Limited at future date.
RBC Royal Bank (Cayman) Limited has been granted a Class A bank licence from CIMA and will operate from the George Town and Red Bay premises. The current RBC branch will also continue to operate from the Cayman Islands with a Class B banking license, providing deposit products and services to non-resident clients only.
As RBC embarks on this new phase of its development, we remain committed to providing our clients in the Cayman Islands with a superior banking experience.
Should you have any questions, or require any additional information, please inquire with any of our RBC specialists.