Royal Bank of Canada (RBC) has closed the previously announced sale of its RBC Royal Bank (Jamaica) and RBTT Securities Jamaica, together known as RBC Jamaica, to Sagicor Group Jamaica.
According to the agreement, which was originally signed in January this year, RBC will record a further loss on sale of its operations of nearly C$37m before and after tax, which includes an unrealized loss on foreign currency translation.
The Canadian lender noted that the net loss is subject to change, and will reflect in the results for the third quarter ending 31 July, 2014.
At the time of signing the agreement, RBC Caribbean CEO Suresh Sookoo said, "Consistent with our strategy of being a competitive leader in the markets where we operate, we determined after a careful and thorough review that the best decision for the long-term future success of RBC Jamaica was to sell it to Sagicor."
RBC personal & commercial banking group head Dave McKay commented, "We are focused on strengthening our business performance, service and competitiveness in markets where we can be a leading competitor over the long term."
Operating in Canada, the US and 42 other countries, Royal Bank of Canada serve more than 16 million personal, business, public sector and institutional clients with the help of 79,000 full- and part-time staff.