Royal Bank of Canada (RBC) has completed the sale of two Jamaican subsidiaries, RBC Royal Bank (Jamaica) and RBTT Securities Jamaica to Sagicor Group Jamaica.

The financial terms of the deal were not yet disclosed.

The transaction is expected to incur an estimated loss of approximately C$37 million before and after tax, that includes an unrealized loss on foreign currency translation (C$45 million as of 30 April 2014).

The net loss will be reflected in the results for the third quarter ending 31 July 2014.

Suresh Sookoo, CEO of RBC Caribbean, said: "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.

RBC is expected to release its third quarter 2014 results on 22 August 2014.