Royal Bank of Canada's global private banking arm is teaming up with British Airways to market financial services to the jet set.
The first product is an offshore, interest-bearing deposit account to be offered starting June 1. The alliance, announced Monday, also calls for a family of mutual funds.
The deposit account is provided by Royal Bank of Canada (Jersey) Ltd. and demands a minimum opening balance of $20,000. Each account is assigned a relationship manager and is accessible through worldwide, toll-free, 24- hour phone and Internet service. It will also have a multicurrency checkbook and debit card.
Those features add up to a unique offer, said Michael J. Lagopoulos, senior vice president for global private banking at Royal Bank of Canada. "There's nothing even close to it," he said.
British Airways frequent fliers are good prospects for an offshore bank account because every year 80,000 of them change their residency, according to Robert E. Falkner, general manager of British Airways Financial Services. Many have businesses, homes, and maybe even tuition to pay for in more than one country.
"These people are on the move," Mr. Falkner said.