Royal Bank of Canada - 2005 Annual Report


	Our vision
•	Always earning the right to be our clients’ first choice


	Values
•	Excellent service to clients and each other
•	Working together to succeed
•	Personal responsibility for high performance
•	Diversity for growth and innovation
•	Trust through integrity in everything we do


	Strategic goals
•	To be the undisputed leader in the financial services industry in Canada
•	To build on our strengths in banking, wealth management and capital markets in the United States
•	To be a premier provider of selected global financial services

Royal Bank of Canada (TSX, NYSE: RY), and its subsidiaries operate under the master brand name of RBC Financial Group, and may be referred to in this text as RBC. We are Canada’s largest bank as measured by assets and market capitalization and one of North America’s leading diversified financial services companies. We provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. Our corporate support team enables business growth with expert professional advice and state of the art processes and technology. We employ approximately 69,000 people who serve more than 14 million personal, business and public sector clients throughout offices in North America and some 30 countries around the world.

In Canada, we have strong market positions in all of our businesses. In personal and business banking, we rank first or second in most retail products. In wealth management, we have the leading full-service brokerage operation (by assets), the top mutual fund provider among Canadian banks and the second-largest self-directed broker (by assets). We are the largest Canadian bank-owned insurer, one of the top 10 Canadian life insurance producers, and a leader in travel insurance, creditor products and individual disability insurance. In corporate and investment banking, we continue to be the top-ranked securities underwriter and the leading mergers and acquisitions advisor. We also have by far the largest Canadian custody operations (by assets under administration). Our domestic delivery network includes 1,104 branches and 3,906 automated banking machines, 437 investment retirement planners, 1,063 financial planners, 371 insurance agents and 975 mortgage specialists. Currently, we have 3.5 million online and 2.5 million telephone clients.

In the United States, we provide personal and commercial banking, insurance, full-service brokerage and corporate and investment banking services to about 1.5 million clients through RBC Centura, RBC Builder Finance, RBC Insurance, RBC Liberty Insurance, RBC Dain Rauscher and RBC Capital Markets.

Outside North America, we have a banking network in the Caribbean and a presence in niche markets. In Europe, South America and the Middle East, we provide private banking, international estate planning and wealth management services tailored for high net worth individuals, sophisticated investors and corporate and institutional clients. We also offer investment banking, trading, capital markets, reinsurance, securities custody and trade finance to corporate, institutional and business clients.

In the Asia-Pacific region and Australia, we provide corporate and investment banking, trade finance, correspondent banking, treasury and securities custody services to corporate clients, reinsurance to institutional and business clients and private banking services to individual clients.

This annual report contains forward-looking statements within the meaning of certain securities laws, including the “safe harbour” provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on these statements as a number of important factors could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, and intentions expressed in such forward-looking statements. Additional information about these factors can be found under “Caution regarding forward-looking statements” on page 29.