Royal Bank of Canada to repurchase up to 20 million of its
common shares
TORONTO, October 16, 2009 — 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 (OSFI) 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
1.4 per cent of the bank's outstanding common shares as at
October 14, 2009. 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 price paid for any repurchased
shares will be the market price of such shares on the TSX
at the time of acquisition. The bank will only initiate purchases
under the bid after consulting with the Office of the Superintendent
of Financial Institutions (OSFI).
The proposed share repurchase will enable the bank to balance
the imperatives of maintaining strong capital ratios with
the ongoing need to generate shareholder value. On July 31,
2009, the bank's Tier 1 and Total capital ratios were 12.9
per cent and 14.4 per cent, respectively.
The bank currently has a normal course issuer bid in place
through which no common shares have been repurchased as of
October 14, 2009. This bid will expire on October 31, 2009.
- 30 -
Investor contact:
Alethea Rasquinha, (416) 955-7807
Media contact:
Stephanie Lu, (416) 974-5506
|
