The History of the Royal Bank of Canada in the Bahamas
The Royal Bank of Canada (RBC) had established itself in the Caribbean even before it had opened branches in many Canadian provinces. RBC's relation with the Caribbean was a direct result of the sea-going trade between Canada and the West Indies.
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Early Days
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RBC opened its first agency in Bermuda in 1882. It made business sense since ships going to the Caribbean from Canada made their first stop at Bermuda. An agency in Bermuda also made business sense because it allowed RBC to establish itself internationally while making good profits.
Expansion in the Caribbean
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According to RBC's website, its initial international expansion was limited to the Caribbean islands including Puerto Rico, the Bahamas, Trinidad, Jamaica, the Dominican Republic, Barbados, Belize and Granada. By 1914, RBC had established branches in all of these countries. Between 1915 and 1964, the bank continued to expand in the Caribbean, opening branches in Dominica, Antigua and St. Kitts.
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Problems
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RBC's expansion in the Caribbean was not without problems. The first agency opened in Bermuda had to be closed in 1889 because the agents running the business often created problems. The Bermuda experience helped RBC learn the valuable lesson that to expand internationally, branches should be an extension of the domestic system.
Social Responsibility
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The Biodiversity Center of Georgetown, Guyana, was built in the early 1980s to help study the country's rain forests. The funds for the facility came almost entirely from RBC's operations in the island.
Present Situation
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Today, RBC has branches in eight countries and 14 islands in the Caribbean. RBC's Caribbean operations employ more than 1,190 people, and the management of the entire region is carried out from Nassau, Bahamas. They also have a regional office in Barbados.
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References
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