Peter Lucas, investment strategist for RBC, and Paul Patterson, head of RBC British Isles. Picture by Richard Wainwright (00736576)

THE Jersey operation of Canadian bank RBC Wealth Management says it has weathered the financial crisis and is hungry for new acquisitions.

The Island banking operation has doubled in size since 2005 and now employs almost 1,000 staff in Jersey and 300 in Guernsey, making it one of the largest Channel Island employers.

The relative success of RBC and other Canadian banks in the current economic banking crisis stems from its business model, says Paul Patterson, managing director and regional head of RBC Wealth Management British Isles. ‘We are forecasting profits significantly up on the prior year, which is a unique place to be in the wealth management sector.’

Mr Patterson said that the London operation – which employs 200 staff – had recently taken on teams from Swiss and US competitors. ‘We have started to build our UK domestic high-net-worth platform and in the Channel Islands we continue to look for acquisitions.’