Expands and strengthens Canadian commercial leasing business
TORONTO, Aug. 7 /CNW/ - 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
The transaction is subject to regulatory approvals and other customary
closing conditions and is expected to close in the fall of 2008.
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.
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
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.
For further information:
For further information: Media Contacts: RBC: Beja Rodeck, Media
Relations, (416) 974-5506, firstname.lastname@example.org; ABN AMRO, Jane M. Broski,
Corporate Communications - North America, (312) 338-3396,
email@example.com; Investor Relations Contact: RBC, William Anderson,
Investor Relations, (416) 955-7804, firstname.lastname@example.org