Canada’s big banks say they expect to record a gain in the fourth quarter ending following the restructuring of Visa.

Royal Bank of Canada says it expects to record a gain in the fourth quarter ending October 31, following the restructuring of Visa and the exchange of RBC’s membership interest in Visa Canada Association for shares of Visa Inc.

Visa Inc. is the result of the global restructuring of Visa USA Inc., Visa Canada Association, and Visa International Service Association, which closed
earlier today.

Accounting standards require the recognition of a gain at the restructuring date.

The amount of RBC’s gain will be calculated following completion of an independent valuation and the determination of the number of shares to be allocated to RBC and to other former members of Visa Canada Association as at the restructuring date. Both of these activities are expected to be completed before the end of October at which time a further announcement will be made.

They will be reported in RBC’s fourth quarter and year-end results, which will be released on November 30.

TD Bank Financial Group also said it expects to record a gain in the fourth quarter.

The gain reflects the estimated value of the shares TD received in Visa Inc., as a result of TD exchanging its membership interest in Visa Canada Association.

An independent valuation of the bank’s shares in Visa Inc. is underway to determine the amount of the gain and is expected to be completed before the release of TD’s fourth quarter and fiscal 2007 results on November 29.

CIBC and Bank of Nova Scotia also announced today that it expects to report a gain in its fourth quarter results following Visa’s announcement of the completion of its worldwide restructuring.