News Column

Royal Bank of Canada to sell RBC Jamaica to Sagicor Group for undisclosed price

January 29, 2014

TORONTO _ Royal Bank of Canada (TSX:RY) says it has agreed to sell two Jamaican subsidiaries for an undisclosed amount to Sagicor Group Jamaica Ltd. The Canadian banking giant says Sagicor has an established financial business in Jamaica that has a size and complementary capabilities that RBC Jamaica doesn't possess. Although RBC said it wasn't releasing details of the transaction with Sagicor, it announced it will book an estimated $60 million loss on the 2008 acquisition of one of the two subsidiaries, RBTT Securities Jamaica Ltd.

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Source: Canadian Press DataFile

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