Royal Bank of Canada to repurchase up to 40 million of
its common shares
TORONTO, October 19, 2006 — Royal Bank of Canada
(RY on TSX and NYSE) today announced its intention, subject
to the approval of the Toronto Stock Exchange, to renew its
normal course issuer bid through the facilities of the Toronto
Stock Exchange and to repurchase for cancellation up to 40
million common shares, representing approximately 3% of the
bank's outstanding common shares as at October 13, 2006. The
bank intends to file a notice of intention with the Toronto
Stock Exchange in this regard.
Purchases may commence after the Toronto Stock Exchange has
accepted the notice of intention and may continue for a period
of one year. The amount and timing of any purchases will be
determined by the bank.
The proposed share repurchase will enable the bank to balance
the imperatives of maintaining solid capital ratios with the
ongoing need to generate shareholder value. On July 31, 2006,
the bank's Tier 1 and Total capital ratios were 9.6% and 12.4%,
respectively.
The bank currently has a normal course issuer bid under
way through which approximately 6.3 million of an allowed
7 million common shares have been repurchased as of October
13, 2006. This bid will expire October 31, 2006.
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Media contact:
Beja Rodeck, Media Relations, Toronto, (416) 974-5506
Investor contact:
Dave Mun, Investor Relations, Toronto, (416) 955-7808
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