Royal Bank of Canada in Toronto said Friday that it expects to take a $1.6 billion loss in the third quarter relating to the pending sale of its U.S. banking operations.
The bank announced in June that it was selling its Raleigh, N.C.-based RBC Bank to PNC Financial Services Group Inc. for about $3.6 billion. The sale is expected to close early next year, but Royal Bank of Canada said in June and reiterated Friday that the sale would would result in an after-tax loss of $1.6 billion (in Canadian dollars) that it would take in the quarter that ended July 30.
The company earned $1.5 billion in the second quarter. It is expected to report its third-quarter earnings on Aug. 26.
