Royal Bank of Canada to repurchase up to 20 million of its
common shares
TORONTO, October 18, 2007 — Royal Bank of Canada
(RY on TSX and NYSE) today announced its intention, subject
to the approval of the Office of the Superintendent of Financial
Institutions and 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 20
million common shares, representing approximately 1.6 per
cent of the bank's outstanding common shares as at October
15, 2007. 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, 2007,
the bank's Tier 1 and Total capital ratios were 9.3 per cent
and 11.4 per cent, respectively.
The bank currently has a normal course issuer bid that will
expire October 2007. Under the current bid, approximately
11.8 million of an allowed 40 million common shares have been
repurchased as of October 15, 2007.
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Media contact:
Beja Rodeck, Media Relations, Toronto, (416) 974-5506
Investor contact:
Amy Cairncross, Investor Relations, Toronto, (416) 955-7809
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