Royal Bank of Canada selling Suriname unit to Republic Bank

April 01, 2015 10:19 PM
TORONTO - Royal Bank of Canada said on Wednesday it has entered into a definitive agreement to sell its Suriname operations to Republic Bank Ltd, as it continues to exit some of its marginal operations in the Caribbean region.
 
Canada's largest bank did not disclose the financial terms of the transaction, but said the sale price roughly reflected the book value of its operations in the country located on the northeastern Atlantic coast of South America.
 
"As we continue to focus our Caribbean operations on markets in which we can be a leading competitor for the long-term, we have made the decision to sell RBC Suriname to Republic Bank," said Kirk Dudtschak, RBC's head of Caribbean banking, in a statement.
 
Early last year, RBC agreed to sell its Jamaican operations to Sagicor Group Jamaica Ltd. It also said in November it was shutting down its international client wealth management business in the Caribbean.
 
RBC said the sale of the Suriname operations will not have a material impact on its capital ratios, but it will result in a loss of C$23 million ($18.2 million), largely due to writedowns tied to goodwill and other intangibles.
 
RBC said the loss will be reflected in its results for the second quarter ending April 30, which are set to be released on May 28.

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