Royal Bank of Canada has completed the previously-announced sale of RBC Royal Bank (Jamaica) and RBTT Securities Jamaica (collectively RBC Jamaica) to Sagicor Group Jamaica.

Royal Bank of Canada has completed the previously-announced sale of RBC Royal Bank (Jamaica) and RBTT Securities Jamaica (collectively RBC Jamaica) to Sagicor Group Jamaica.

As previously disclosed, RBC will record a further loss on sale of its operations of approximately C$37 million before and after tax, including 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.

“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,” said Suresh Sookoo, chief executive of RBC Caribbean in January.

“Sagicor is a well established financial franchise in Jamaica with the size, scale and complementary capabilities that RBC Jamaica does not currently possess,” Sookoo said.

The Canadian firm said previously that the agreement did not mean that it was withdrawing its involvement in the Caribbean market.