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Royal Bank of Canada sells RBC Jamaica

Staff writer |
Royal Bank of Canada (RBS) has completed the sale of RBC Royal Bank (Jamaica) Limited and RBTT Securities Jamaica Limited (RBC Jamaica) to Sagicor Group Jamaica Limited.

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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.

At the same time, RBC Global Asset Management, Inc. announced that effective June 27, 2014, the name of RBC $U.S. Income Fund will change to RBC U.S. Monthly Income Fund.

The investment objectives and strategies of the fund have not changed. The fund will continue to offer a U.S. dollar purchase option. The change is effective today, upon the renewal of the RBC Funds 2014 Simplified Prospectus.

In addition, effective August 11, 2014, the RBC U.S. Monthly Income Fund will offer a Canadian dollar purchase option available to investors through the following: Series A, Advisor Series, Series F (available via financial advisors), Series D (available via direct-to-client platforms, PH&N Investment Services and RBC Direct Investing) and Series H and I.

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