Cidel Financial is a possible buyer for RBC's wealth management operations in the Caribbean, a report said.

Royal Bank of Canada is reportedly in talks with “several bidders” for parts of its wealth management business in the Caribbean, which it is selling as part of a realignment of certain international operations.

In November 2014, RBC said that it would be exiting its wealth management – international business in the Caribbean as well as certain international advisory groups and international private banking groups based in Canada and the US (see coverage on that here).

“These changes represent a small segment of our RBC Wealth Management business,” a spokesman told this publication at the time.

And according to a recent report in the Wall Street Journal, among the bidders for some of RBC’s Caribbean assets is Toronto-based Cidel Financial Group.

Citing two people familiar with the matter, the news service said RBC is in talks to sell its Caribbean-based trust business, but that a potential deal won’t include a sale of the brokerage business, which mostly serves North American clients.

Indeed, RBC appears to be seeking to expand its wealth management business in North America having last month agreed to buy Los Angeles, CA-based City National Corporation for $5.4 billion (see more here).

Meanwhile, it is unclear whether RBC will try to sell, rather than close, businesses in Latin America. According to its website it has however started shutting offices in Chile, Brazil and Uruguay, the WSJ noted.

The bank has also closed offices in Miami, FL, and Houston, TX, which served wealth management clients in LatAm and Mexico, while also laying off private bankers in New York and Toronto who dealt with such clients, the WSJ added, citing the individuals familiar with the matter.   

RBC declined to comment when contacted by Family Wealth Report.