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News Releases

 

RBC commemorates 100 years in Caribbean with major contributions to children’s cancer treatment and clean water

PORT OF SPAIN, September 16, 2008 — To recognize RBC's century-long roots in the Caribbean and to celebrate its future ties with Caribbean communities, RBC Caribbean and RBTT today announced a multimillion-dollar commitment to the health and environmental sustainability of the region.

Gordon M. Nixon, president and CEO of RBC, made the announcement during a midday meeting in Port of Spain with the Prime Minister of Trinidad and Tobago, Patrick Manning.

RBC plans to establish a Caribbean Children's Cancer Fund, which will be funded with US$1 million during the next five years, with an initial contribution of US$200,000. The remaining US$800,000 will be disbursed annually. RBC/RBTT will also launch a Caribbean-wide drive to raise an additional US$4.1 million during the same period to contribute to the fund. Royal Bank Group will collaborate with the Cancer Treatment Foundation, a charity chaired by double world-record-breaking cricketer Brian Lara, in its efforts to provide financial support for cancer treatment in children below age 16.

"I am very encouraged by the possibilities that this partnership with a global corporate citizen like RBC/RBTT creates in the fight to help our children beat cancer," said Lara.

Nixon explained the rationale behind the choice of charity. "Hundreds of children throughout the Caribbean are battling some form of cancer," he said. "We believe strongly that we have a chance to help children across the region overcome this dreaded disease and create better futures for them, through the work that will be done as a result of this fund and its partners."

Nixon also announced a US$250,000 contribution to the Caribbean arm of the Global Water Partnership's Institute for Public Health and Water Research. The funds will support a pilot project in Trinidad and Tobago to educate students in rural communities on water harvesting, water conservation, and flood abatement. This initiative is part of the RBC Blue Water Project, the company's global effort to support the protection of fresh water.

"Water is the world's most precious resource," said Nixon. "Ensuring that this region's communities have access to fresh water is an important challenge, and we hope the work resulting from this donation will be a step toward enhancing the quality of life in some communities."

This is the first donation in the Caribbean under the RBC Blue Water Project. During the past five years, RBC and RBTT have contributed more than US$12.5 million to various organizations and community initiatives.

"Everyone at RBC is very proud of our 100-year old roots in the Caribbean, and our goal is to continue to be an integral part of the region's communities and future prosperity," Nixon said.

RBC contributed more than US$82.8 million to community causes worldwide in 2007, through donations of more than US$47.7 million, and an additional US$35.1 million in sponsorship of community events.

RBC is recognized among the world's financial, social and environmental leaders. In 2007, RBC was named Canada's Best Corporate Citizen, and is included on the Dow Jones World and North American Sustainability Indices, the Jantzi Social Index, the FTSE4Good Index, and is part of the Global 100 Most Sustainable Corporations ranking. In 2007, Newsweek magazine ranked RBC first among large corporations worldwide for its ability to manage environmental risks and opportunities.

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 17 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 46 other countries. For more information, please visit www.rbc.com.

ABOUT RBTT
On June 16, 2008, RBC completed the acquisition of RBTT, a financial institution that offers the full range of banking services across the Caribbean.

RBTT operates in 12 jurisdictions, including Trinidad and Tobago, Jamaica, Barbados, Suriname, and the Eastern and Dutch Caribbean, serving 1.2 million clients through a network of 83 branches and 230 ATMs.

In addition to personal banking, RBTT's services include investment banking, trust and asset management, wealth management, project financing, securities trading and stockbroking. We also offer insurance, mutual funds, credit cards, and electronic banking.

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[download hi-res JPG, 350kB] President and CEO of RBC Gordon M. Nixon (left) chats with Prime Minister of Trinidad and Tobago, Patrick Manning. During a courtesy call to the Prime Minister's office on Tuesday, Nixon announced RBC's plans to contribute more than US$1 million to a Caribbean Children's Cancer Fund and US$250,000 to a water project in Trinidad and Tobago to educate students in rural communities on water harvesting, water conservation, and flood abatement. RBC is recognized among the world's financial, social and environmental leaders.

For further information, please contact:
Beja Rodeck, RBC, Media Relations, (416) 974-5506


 



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09/17/2008 09:56:12