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News Releases

 

RBC to acquire commercial leasing division of ABN AMRO Bank N.V. - Canada Branch

Expands and strengthens Canadian commercial leasing business

TORONTO, August 7, 2008 — Royal Bank of Canada (RY on TSX and NYSE) today announced that it has entered into a definitive agreement to purchase ABN AMRO's Canadian commercial leasing division. The details of the transaction were not disclosed.

"With this acquisition, we will gain a strong, well-managed business that is complementary to our current leasing capabilities," said Allen Barabas, head, Global Transaction Solutions. "The deal will expand RBC's presence in the Canadian commercial leasing business, which is an important component of our overall commercial business growth strategy."

RBC Leasing is the largest bank-owned commercial leasing business in Canada, operating in major urban centres from Halifax to Victoria.

"We are delighted that our clients of the Leasing Division are moving to a quality organization like RBC," said Lawrence J. Maloney, country executive officer of ABN AMRO's Canadian operations. "The clients will continue to enjoy the best-in-class service they have been accustomed to receiving from ABN AMRO."

The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the fall of 2008.

About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name of 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. We employ approximately 75,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients throughout offices in Canada, the U.S. and 45 other countries around the world. For more information, please visit www.rbc.com.

About ABN AMRO Bank N.V.
ABN AMRO Bank N.V., Canada Branch provides its domestic and international clients with a wide range of financial services representing a significant cross-section of all offerings from across the bank's network. Netherlands-based ABN AMRO Bank N.V. is a leading international bank with total assets of EUR 1,025.2 billion (as at 31 December 2007). It has more than 4,000 branches in 53 countries, and has a staff of more than 99,000 full-time equivalents worldwide. ABN AMRO Bank N.V. is a subsidiary undertaking of The Royal Bank of Scotland plc.

- 30 -

Media Contacts:

RBC
Beja Rodeck, Media Relations, (416) 974-5506, beja.rodeck@rbc.com

ABN AMRO
Jane M. Broski, Corporate Communications - North America, (312) 338-3396, jane.broski@abnamro.com

Investor Relations Contact:

RBC
William Anderson, Investor Relations, (416) 955-7804, william.anderson@rbc.com

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release may be deemed to be forward-looking statements under certain securities laws, including the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities legislation, and Royal Bank of Canada intends that such forward-looking statements be subject to the safe-harbor created thereby.

These forward-looking statements include, but are not limited to, statements with respect to the acquisition of ABN AMRO's Canadian Leasing Division by Royal Bank of Canada. Forward-looking statements are typically identified by words such as "believe", "expect", "forecast", "anticipate", "intend", "estimate", "goal", "plan" and "project" and similar expressions of future or conditional verbs such as "will", "may", "should", "could", or "would".

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations and other forward-looking information, including statements about the acquisition of ABN AMRO's Canadian commercial leasing division by Royal Bank of Canada will not be achieved. 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 expectations expressed in such forward-looking statements. These factors include, but are not limited to the possibility that the proposed transaction does not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, that ABN AMRO Bank N.V. and Royal Bank of Canada may be required to modify the terms and conditions of the proposed transaction to achieve regulatory approval, or that the anticipated benefits of the transaction are not realized as a result of such things as the strength of the economy and competitive factors in the areas where ABN AMRO's Canadian commercial leasing division does business; the impact of changes in the laws and regulations regulating financial services and enforcement thereof (including banking, insurance and securities); judicial judgments and legal proceedings; Royal Bank of Canada's ability to complete the acquisition of ABN AMRO's Canadian commercial leasing division and to integrate it with RBC successfully; reputational risks, and other factors that may affect future results of RBC and ABN AMRO's Canadian commercial leasing division, including changes in trade policies, timely development and introduction of new products and services, changes in tax laws, and technological and regulatory changes. We caution that the foregoing list of important factors is not exhaustive. Additional information about these and other factors can be found in Royal Bank of Canada's Q2 2008 Report to Shareholders and 2007 Annual Report.

Except as required by law, RBC assumes no obligation to update the forward-looking statements contained in this press release.

 



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08/11/2008 07:56:23