Royal Bank of Canada today announced that it has completed the previously announced sale of RBC Royal Bank (Jamaica) Limited and RBTT Securities Jamaica Limited to Sagicor Group Jamaica Limited.

In a release out of Toronto, Royal Bank said that as previously disclosed RBC will record a further loss on sale of its operations of approximately C$37 million before and after tax.

This includes an unrealized loss on foreign currency translation (C$45 million as at April 30, 2014).

It said 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.

Royal Bank of Canada is Canada's largest bank, and one of the largest banks in the world, based on market capitalization.

business@gleanerjm.com