PORT OF SPAIN, Sept. 16 /CNW/ - 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
"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.
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.
On June 16, 2008, RBC completed the acquisition of RBTT, a financial
institution that offers the full range of banking services across the
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.
For further information:
For further information: Beja Rodeck, RBC, Media Relations, (416)