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RBC exits Jamaica

img_0108Royal Bank of Canada has completed the sale of its Jamaican operations – RBC Royal Bank (Jamaica) and RBTT Securities Jamaica – to Sagicor Group Jamaica, marking its exit from the Caribbean country after facing significant challenges with bad loan portfolio in the market. The move came as part of the company’s strategy to restructure its Caribbean footprint. Royal Bank of Canada added RBTT Securities Jamaica to its operations following the acquisition of RBTT Financial Group back in 2008. The move to exit Jamaica comes as a strategic decision by the Canadian bank. The company struggled with its operations in the region amid Jamaica’s stressed economic conditions, which has not reversed significantly post the 2008 meltdown even after a bailout of US$2 billion from the International Monetary Fund. While it has offloaded its Jamaican business, Royal Bank of Canada will continue to stay focused on the Caribbean region, concentrating on markets in which it has greater share.

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