RBC to sell its Jamaican banking operations

TORONTO, Jan. 29, 2014 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today 
announced that it has entered into a definitive agreement to sell RBC Royal 
Bank (Jamaica) Limited and RBTT Securities Jamaica Limited (collectively "RBC 
Jamaica") to Sagicor Group Jamaica Limited. The transaction is subject to 
customary closing conditions, including regulatory approvals and is expected 
to be finalized in the coming months. 
"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, CEO of RBC Caribbean. "Sagicor is a well 
established financial franchise in Jamaica with the size, scale and 
complementary capabilities that RBC Jamaica does not currently possess." 
"RBC has operated in the Caribbean for over 100 years and remains committed to 
this region. This transaction will allow us to successfully reposition our 
Caribbean business for the future and focus on regions where we have 
significant market share," said Dave McKay, group head, Personal & Commercial 
Banking, RBC. "We are focused on strengthening our business performance, 
service and competitiveness in markets where we can be a leading competitor 
over the long term." 
While financial terms of the transaction were not disclosed, the purchase 
price approximately reflects the book value of RBC Jamaica. RBC expects the 
transaction to result in an estimated loss of C$60 million (before and 
after-tax) as a result of International Financial Reporting Standards, largely 
related to an estimated writedown for the proportionate share of RBC Jamaica 
goodwill and other intangibles acquired by RBC in connection with its 
acquisition of RBTT Financial Group in 2008. The transaction is not expected 
to have a material impact on RBC's Basel III Common Equity Tier 1 ratio. 
The loss is based on current estimates and is subject to change and will be 
reflected in the results of the first quarter ending January 31, 2014. RBC 
will release its first quarter 2014 results and host an earnings conference 
call on February 26, 2014. 
About RBC
Royal Bank of Canada (RY on TSX and NYSE) is Canada's largest bank and one of 
the largest banks in the world, based on market capitalization. We are one of 
North America's leading diversified financial services companies, and provide 
personal and commercial banking, wealth management services, insurance, 
investor services and capital markets products and services on a global basis. 
We employ approximately 79,000 full- and part-time employees who serve more 
than 15 million personal, business, public sector and institutional clients 
through offices in Canada, the U.S. and 44 other countries. For more 
information, please visit rbc.com. 
Forward-Looking Statements
Certain statements contained in this press release may be deemed to be 
forward-looking statements within the meaning of certain securities laws, 
including the "safe harbour" provisions of the United States Private 
Securities Litigation Reform Act of 1995 and any applicable Canadian 
securities legislation. These forward-looking statements include, but are not 
limited to, statements with respect to the loss relating to the sale of RBC 
Jamaica expected to be reflected in our first quarter 2014 financial results. 
Forward-looking statements are typically identified by words such as 
"believe", "expect", "foresee", "forecast", "anticipate", "intend", 
"estimate", "goal", "plan" and "project" and similar expressions of future or 
conditional verbs such as "will", "may", "should", "could" or "would". 
By their very nature, forward-looking statements require us to make 
assumptions and are subject to inherent risks and uncertainties, which give 
rise to the possibility that our predictions, forecasts, projections, 
expectations or conclusions will not prove to be accurate, that our 
assumptions may not be correct and that our forward-looking statements, 
including statements about the loss relating to the sale of RBC Jamaica 
expected to be reflected in our first quarter 2014 financial results, will not 
be achieved. We caution readers not to place undue reliance on these 
statements as a number of risk factors could cause our actual results to 
differ materially from the expectations expressed in such forward-looking 
statements. These factors - many of which are beyond our control and the 
effects of which can be difficult to predict - include: credit, market, 
liquidity and funding, insurance, regulatory compliance, operational, 
strategic, reputation and competitive risks and other risks discussed in the 
Risk management and Overview of other risks sections of our 2013 Annual 
Report; the impact of regulatory reform; the business and economic conditions 
in Canada, the United States and certain other countries in which we operate; 
the effects of changes in government fiscal, monetary and other policies; and 
judicial or regulatory judgments and legal proceedings. 
We caution that the foregoing list of risk factors is not exhaustive and other 
factors could also adversely affect our results. When relying on our 
forward-looking statements to make decisions with respect to us, investors and 
others should carefully consider the foregoing factors and other uncertainties 
and potential events. Material economic assumptions underlying the forward 
looking statements contained in this press release are set out in the Overview 
and outlook section and for each business segment under the heading Outlook 
and priorities in our 2013 Annual Report. Additional information about these 
and other factors can be found in the Risk management and Overview of other 
risks sections of our 2013 Annual Report. Except as required by law, we do not 
undertake to update any forward-looking statement contained in this press 

Investor Relations Contacts: Karen McCarthy, Director, Investor 
Relations,karen.mccarthy@rbc.com, 416-955-7809 Robert Colangelo, Associate 
Director, Investor Relations,robert.colangelo@rbc.com, 416-955-2049 
Media Relations Contacts: Wojtek Dabrowski, Director, 
Communications,wojtek.dabrowski@rbc.com, 416-974-3718 
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-0- Jan/29/2014 13:00 GMT
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