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Royal Bank of Canada recorded a third-quarter charge on the sale of its U.S. retail bank, and will to expand its wealth management division with the proceeds from that transaction.
CFO Janice Fukakusa tells BNN most of the loss had to do with the write-down of goodwill related to the sale of Centura to PNC Financial Services Group.
“For us, we had invested a lot in the unit. We think it’s better, in terms of looking at our investment horizon, to actually sell the business to someone … who can take it down the stretch to make it a profitable business,” she says.
The bank will not be increasing its dividend this quarter.
“I think in this time of uncertainty, for us, we’d like to maintain a strong and stable capital position… from our perspective, it’s very prudent capital management."