Royal Bank of Canada (TSX: RY) is opening an international investment advisory and full-service securities brokerage office in Barbados as part of the bank’s wealth management division, the bank announced Wednesday.

The new business allows the Barbados office to offer RBC’s full suite of wealth management solutions to its clients, and adds to the growth of the firm’s investment platform across the Caribbean.

“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, international.

RBC, which has had a presence in Barbados for nearly a century, will now have one of the largest and most complete investment platforms in the country.

The firm provides a number of wealth management services to clients in Barbados, including trust & fiduciary, discretionary investment management, corporate services, and credit solutions.

“As a jurisdiction, Barbados continues to be attractive to both high net worth and institutional clients and is committed to maintaining its high standing as a well-regulated, responsible international financial centre through its transparent and sophisticated legal and regulatory standards and regulations,” said Gordon Anderson, Managing Director of RBC Wealth Management, Caribbean.

Barbados’ proximity to the southeast Caribbean, Central America, Venezuela and Colombia markets also adds to its appeal as a hub office for RBC Wealth Management, and will benefit the firm’s ability to service clients in those markets, RBC says.

The announcement comes on the heels of RBC Wealth Management’s recent recognition last month by Euromoney magazine for having the “Best Private Banking Services Overall” in the Caribbean. RBC was recognized in all three Caribbean countries in which it operates.

The international arm of RBC Wealth Management services over 35,000 high net worth individuals and institutions through more than 30 offices in the British Isles, Continental Europe, Asia, the Middle East, the Caribbean, Latin America and North America.

IE