Four Canadian banks to post unspecified Visa gains

TORONTO (Reuters) - Four Canadian banks said on Wednesday that they expect to post fourth-quarter gains reflecting the restructuring of credit card company Visa Inc, but they did not say how large the gains might be.

Canadian Imperial Bank of Commerce (CM.TO), Toronto-Dominion Bank (TD.TO), Royal Bank of Canada (RY.TO) and Bank of Nova Scotia (BNS.TO) said they will receive Visa shares for their interests in Visa Canada Association.

The restructuring of Visa, the world's largest credit card network, closed on Wednesday and the company plans to go public next year.

CIBC said it expects to book a "material gain" because of its "leadership position" in the Canadian credit card market, but said the exact amount has yet to be finalized.

Visa Canada, Visa U.S.A. and Visa International have become subsidiaries of Visa Inc, based in San Francisco.

Independent valuations of the Canadian banks' Visa stakes are under way, they said.

The banks' fiscal fourth quarters end on October 31.

TD Bank expects to release quarterly results on November 29, while Royal Bank plans to issue its results on November 30. CIBC and Scotiabank will release their numbers on December 6.

Last year, Bank of Montreal (BMO.TO) and National Bank of Canada (NA.TO) recorded gains resulting from the initial public offering of MasterCard (MA.N).