RBC Royal Bank announced over the weekend that it plans to relocate its branch on Paradise Island effective October 17, 2014 and as a result there will be some employees who lose their jobs.

The branch will be consolidated with RBC’s Main Branch on Bay Street as part of RBC’s strategy to reconfigure its branch network to gain efficiencies within its operations.

“Like all businesses, we constantly evaluate our operations to ensure we continue to match our service capabilities with the needs of our customers,” Managing Director, RBC Royal Bank, Bahamas, Cayman and Turks & Caicos Islands Nathaniel Beneby said.

“These decisions are part of RBC’s strategy to better serve our clients, while operating more efficiently. We are fully committed to ensuring a smooth, uninterrupted transfer of our customers’ bank accounts.”

Clients of the Paradise Island branch are being advised by mail and/or in branch signage of the consolidation with RBC’s Main Branch, Bay Street.

They have been given the option to have their account automatically transferred to Main Branch or to transfer their account to any of RBC’s nine convenient locations in New Providence. For added convenience to clients, an ABM machine will remain at the Paradise Island location for an extended period.

Safe deposit box renters will be contacted in due course with information about the relocation of their boxes.

The closure of the Paradise Island branch will result in some job redundancies at that location.

RBC maintains that as a responsible employer and community leader, it is committed to ensuring that all team members affected are treated with respect, dignity and compassion.

According to a release sent out by the bank, it will work with all impacted employees to find ways in which we can support their careers going forward, whether within RBC or elsewhere.

“We believe this consolidation of the Paradise Island Branch with Main Branch Bay Street, will support the long-term sustainability of our operations in The Bahamas,” Mr. Beneby said.

Back in April, Mr. Beneby announced that RBC FINCO’s main branch would be moved from the Financial Centre on Shirley and Charlotte Streets to RBC Royal Bank’s main branch on Bay Street.

He also announced in April that RBC FINCO’s Mortgage Centre, located at the Prince Charles Shopping Plaza, will also be consolidated with services to be offered at the shared banking location on Carmichael Road.

Mr. Beneby confirmed to reporters at the time that there would be redundancies as a result of the changes but did not confirm exactly how many employees would be let go.

“The good news is that those employees that are impacted are looking and applying for other job opportunities within RBC and in fact some of them have already secured alternative positions within RBC,” he said at the time.

“The net reduction has not been finally determined, but as a leading and responsible corporate citizen, Royal Bank respects and values its employees and [for] those who will be disengaged, we have enhanced packages.”