TORONTO, Oct. 18 /CNW/ - 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 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 1.6 per cent of the bank's outstanding common
shares as at October 15, 2007. 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 proposed share repurchase will enable the bank to balance the
imperatives of maintaining solid capital ratios with the ongoing need to
generate shareholder value. On July 31, 2007, the bank's Tier 1 and Total
capital ratios were 9.3 per cent and 11.4 per cent, respectively.
The bank currently has a normal course issuer bid that will expire
October 2007. Under the current bid, approximately 11.8 million of an allowed
40 million common shares have been repurchased as of October 15, 2007.
For further information:
For further information: Media contact: Beja Rodeck, Media Relations,
Toronto, (416) 974-5506; Investor contact: Amy Cairncross, Investor Relations,
Toronto, (416) 955-7809