RBC completes sale of its Jamaican banking operations

TORONTO, Canada – Royal Bank of Canada (RY on TSX and NYSE) today announced that it has completed the previously announced sale of RBC Royal Bank (Jamaica) Limited and RBTT Securities Jamaica Limited (collectively “RBC Jamaica”) to Sagicor Group Jamaica Limited.

As previously disclosed, RBC will record a further loss on sale of its operations of approximately C$37 million before and after tax, which includes an unrealized loss on foreign currency translation (C$45 million as at April 30, 2014). The net loss is subject to change and will be reflected in the results for the third quarter ending July 31, 2014. RBC will release its third quarter 2014 results and host an earnings conference call on August 22, 2014.

South Florida Caribbean News

The Team provides news and information for the Caribbean-American community in South Florida and beyond.

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