RBC Mourns Loss of Former CEO & Chairman

    Rowland C. Frazee Dies at 86

    TORONTO, July 30 /CNW/ - RBC today marked the passing of Rowland Cardwell
Frazee, who passed away on July 29. Mr. Frazee was chairman and CEO of Royal
Bank of Canada from 1980 to 1986.
    "Rowland Frazee presided over RBC during one of the more challenging
periods of our history, and his leadership was invaluable to our company, our
industry and our country," said Gordon M. Nixon, RBC's president and CEO. "I
would like to extend the sincere condolences of all employees and directors,
past and present, to his family and recognize Rowland's outstanding
contribution during his long career with the bank."
    Mr. Frazee led RBC during the turbulent 1980s -- which saw, among other
things, the beginning of the globalization of business, the collapse of the
four pillars of Canadian finance, plunging energy prices, and soaring interest
rates. Known as the banker with a social conscience, Mr. Frazee was a champion
of corporate philanthropy and community investment, and was responsible for
creating RBC's leading-edge focus on corporate social responsibility. He also
played a statesman's role for the Canadian banking industry, and made concern
for the public interest one of the pillars of his management philosophy.
    Born in Halifax in 1921, Mr. Frazee spent his entire business career with
RBC. He first joined in 1939, working at the branch in St. Stephen, New
Brunswick, where his father was the manager. He took a leave of absence during
the Second World War to serve his country with the Carlton and York Regiment,
First Canadian Infantry Division, with whom he participated in the July 1943
allied landings in Sicily. Wounded three times, Mr. Frazee distinguished
himself in the Italian Campaign and in northwest Europe, retiring in 1945 with
the rank of Major. After the war, Mr. Frazee studied at Dalhousie University
in Halifax where he graduated with a Bachelor of Commerce degree in 1948, at
which time he returned to the bank.
    During his long and varied career at RBC, Rowland Frazee served in a
number of increasingly more senior positions, and was eventually named
president in 1977, chief executive officer in 1979, and assumed the role of
chairman and chief executive officer in 1980. Mr. Frazee retired from the bank
in 1986, but remained a member of the board of directors until 1992. He was
appointed a Companion of the Order of Canada in 1991, and was inducted into
the New Brunswick Business Hall of Fame in 2001.

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For further information: Beja Rodeck, Director, Media & Public
Relations, (416) 974-5506

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