The Royal bank of Canada was the first foreign bank to establish an office in Cuba after its independnce in 1899.  Its purpose was to promote trade between the newly independent nation and Canada.  Between 1904 and 1908 The Royal Bank of Canada opened 10 branch offices in Cuba.

During the WWI and the Dance of the Million years, Royal Bank had limited participation in the speculative market that proliferated in the sugar industry during those years.  As a result, it was not severely affected by the sudden price drop and subsequent crisis of 1920-21.  

In 1919 Royal Bank of Canada operated five sugar mills under the Sugar Plantations Operating Co.  Due to its conservative approach to banking, as a result of the 1920-21 crisis, the Sugar Plantations Operating Co. did not have to foreclose on and hence did not acquire any additional sugar mills.  According to Guillermo Jimenez in his book Las Empresas de Cuba  1958, during the late 1930's it owned nine sugar mills:

1. Algodones - 

2. Almeida aka Báltony - acquired from Federico Almeida renamed Compañia Azucarera Oriental

3. Báguanos - acquired in 1930 in the name of Antilla Sugar Estates from Antilla Sugar Co., a subsidiary of Punta Alegre Sugar Co. since 1924

4. Tacajó - acquired in 1930 in the name of Antilla Sugar Estates from Antilla Sugar Co., a subsidiary of Punta Alegre Sugar Co. since 1924

5. Borjitas - acquired from Federico Almeida renamed Compañia Azucarera Maisí

6. Fe - originaly owned by J. M. Espinosa was acquired from Salamanca Sugar Co. and renamed Compannia Azucarera Fe

7. Rio Cauto - 

8. Ciego de Avila- acquired from Cia. Azucarera Ciego de Avila, was dismantled 

9. Galope -acquired from Compañia Azucarera Pinareña renamed Compañia Azucarera Manacas, was dismantled

​Although in his book Jimenez does not specify, the acquisition of Central Báguanos and Central Tacajó was made in the name of the newly organized Antilla Sugar Estates, a Cuban corporation subsidiary of Sugar Plantations Operating Co.  Antilla Sugar Estates continued operating the sugar mills until 1948 when both of them and Central Algodones were sold to Salustiano Garcia Diaz until nationalized in 1960.  Sugar Plantations Operating Co. kept minority interest in Báguanos, Tacajó and Algodones.

Unverified, ownership by Sugar Plantations Operating Co. has been reported of Sagua-Placetas Sugar Co., acquired from Domingo Leon and

Central Portugalete, acquired in 1923 and managed until 1927 when it was sold to Azucarera Iuzarraga SA .  Also reported but unverified, Sugar Plantations Operating Co. ca. 1929s sold two of its sugar mills, one of them, La Vega, to Manuel Rionda.