TORONTO, Oct. 3 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today
announced it expects to record a gain in the fourth quarter ending October 31,
2007 following the restructuring of Visa and the exchange of RBC's membership
interest in Visa Canada Association for shares of Visa Inc. The registration
statement on Form S-4 filed by Visa Inc. in connection with its proposed
restructuring was declared effective by the United States Securities and
Exchange Commission (SEC) on September 13, 2007.
The amount of RBC's gain will be calculated following completion of an
independent valuation and the determination of the number of shares to be
allocated to RBC and to other former members of Visa Canada Association as at
the restructuring date. Both of these activities are expected to be completed
before the end of October at which time a further announcement will be made.
This gain will be reported in RBC's fourth quarter and year-end results
which will be released on November 30, 2007.
For further information:
For further information: Media contact: Beja Rodeck, (416) 974-5506