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Royal Bank to sell RBC Jamaica to Sagicor Group for undisclosed price

TORONTO - The Royal Bank (TSX:RY) has agreed to sell two Jamaican subsidiaries for an undisclosed amount to Sagicor Group Jamaica Ltd., but says it remains committed to the region. The Canadian bank says Sagicor has an established financial business in Jamaica that has a size and complementary capabilities that RBC Jamaica doesn't possess. Dave McKay, who heads RBC's personal and commercial banking group, said the deal will allow it to reposition its Caribbean business to focus on regions where it has significant market share."
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