Royal Bank of Canada to repurchase up to 40 million common
shares
TORONTO, October 26, 2006 — Royal Bank of Canada
(RY on TSX and NYSE) today announced the launch of its normal
course issuer bid to purchase, for cancellation, up to 40
million of its common shares through the facilities of the
Toronto Stock Exchange.
The purchase of common shares under the normal course issuer
bid will enable the bank to balance the imperatives of maintaining
strong capital ratios with the ongoing need to generate shareholder
value.
The shares that may be repurchased represent approximately
3% of the bank's outstanding common shares. As of October
20, 2006, there were 1,281,117,041 common shares of the bank
outstanding.
Purchases under the normal course issuer bid may commence
on November 1, 2006, and will terminate on October 31, 2007.
The amount and timing of any purchases will be determined
by the bank.
As of October 20, 2006, the bank had purchased 6.4 million
common shares of an allowed seven million common shares at
an average price of $47.05 under the bank's current normal
course issuer bid, which will expire on 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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