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Royal Bank of Canada completes acquisition of American
Guaranty & TrustDeal creates new domestic U.S. trust capability for RBC
TORONTO and MONTPELIER, VT., October 3, 2006 — Royal
Bank of Canada (RY on TSX and NYSE) and the National Life
Group today announced completion of the sale of American Guaranty
& Trust (AG&T), a member of the National Life Group,
to Royal Bank of Canada (RBC). The terms of the transaction
were not disclosed.
Based in Wilmington, Delaware, AG&T will continue to
service more than $1.3 billion in trust and investment accounts
from existing clients, while also extending service to RBC
clients through Global Private Banking and to RBC Dain Rauscher's
high net worth wealth management clients across the U.S.
RBC is committed to expanding in global high growth businesses
that complement its wealth management platform. The combined
business will create growth and value for Royal Bank of Canada
shareholders by enabling RBC Global Private Banking to provide
U.S. trust solutions, complementing a well-established international
trust capability.
In addition to Global Private Banking offices in New York,
Miami, San Francisco and Houston, RBC's U.S. operations include
RBC Centura, a regional bank in the U.S. Southeast; RBC Dain
Rauscher, a full-service securities firm; RBC Insurance, a
national provider of insurance protection and asset accumulation
solutions; RBC Capital Markets, with corporate and investment
banking operations in New York, Minneapolis, San Francisco,
Houston and other select U.S. locations; and RBC Builder Finance,
a Houston-based provider of construction loans with national
reach.
About Royal Bank of Canada Global Private Banking
Global Private Banking is Royal Bank of Canada's international
wealth management operation, including private banking, trust
services, discretionary investment management, global custody
and international full-service brokerage. Royal Bank of Canada
Global Private Banking locations are selected for the flexibility
and security they provide our clients and for the integrity
of their financial and regulatory systems. With a network
of 30 offices in 21 financial centers around the world, RBC
Global Private Banking provides international financial services
for private and corporate clients resident in more than 150
countries. For more information, please visit www.rbcprivatebanking.com.
About Royal Bank of Canada
Royal Bank of Canada (RY on TSX and NYSE) uses the initials
RBC as a prefix for its businesses and operating subsidiaries,
which operate under the master brand name of RBC Financial
Group. Royal Bank of Canada is Canada's largest financial
institution as measured by market capitalization and assets,
and is one of North America's leading diversified financial
services companies. It provides personal and commercial banking,
wealth management services, insurance, corporate and investment
banking, and transaction processing services on a global basis.
The company employs approximately 70,000 people who serve
more than 14 million personal, business and public sector
clients through offices in North America and some 30 countries
around the world. For more information, please visit www.rbc.com.
About the National Life Group
The National Life Group is a growing and diversified family
of financial service companies made up of its flagship company,
National Life Insurance Company which was founded in Montpelier,
Vt. in 1850, as well as Sentinel Asset Management Inc., Equity
Services, Inc. and National Retirement Plan Advisors Inc.
all of Montpelier; and Life Insurance Company of the Southwest
of Dallas, Texas. Companies in the Group offer a comprehensive
portfolio of life insurance, annuity and equity products to
help individuals, families and businesses meet their financial
goals.
About American Guaranty & Trust
Chartered in Delaware in 1914, American Guaranty & Trust
offers complete personal trust and custody services though
a unique strategic partnership with professional advisors
across the country. For more than 90 years its focus has been
to provide clients with effective, flexible, dependable, and
fairly-priced personal trust services. AG&T is a leader
in offering Delaware Trusts, a preferred wealth-building and
preservation tool. The company's investment services were
originally founded in Wilmington, Delaware by members of the
E.I. du Pont family.
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For more information, please contact:
Media
Beja Rodeck, RBC Financial Group, 416-974-5506, beja.rodeck@rbc.com
Brian Vachon, The National Life Group, 802-229-3882, BVachon@nationallife.com
Investors
Dave Mun, RBC Financial Group, 416-955-7808,
dave.mun@rbc.com
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