RBC Royal Bank Can

RNS Number:4248E
Royal Bank of Canada
30 May 2001

ROYAL BANK OF CANADA TO REPURCHASE UP TO 18 MILLION OF ITS COMMON SHARES

TORONTO, May 23, 2001 - Royal Bank of Canada today announced its intention,
subject to the approval of The Toronto Stock Exchange, to repurchase up to 18
million of its common shares following the close of its acquisition of Centura
Banks, Inc. of Rocky Mount, N.C. Pursuant to that acquisition, Royal Bank
expects to issue approximately 66.9 million common shares in exchange for all
outstanding common shares of Centura.  The bank intends to initiate a normal
course issuer bid through the facilities of the Toronto Stock Exchange and will
file a notice of intention with the exchange in this regard after closing of the
Centura acquisition.

The acquisition of Centura, which is still subject to the receipt of Canadian
regulatory approvals, is expected to close during the bank's third quarter and
the bank will proceed with the share repurchase only after the closing of that
transaction.

The shares which may be repurchased represent approximately 3% of the bank's
public float (outstanding common shares less shares held by directors and senior
officers) prior to the Centura acquisition, and approximately 2.7% of the
anticipated public float following completion of the acquisition.

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 such purchases will be determined by the bank.

The proposed share repurchase will enable the bank to balance the imperatives of
maintaining strong capital ratios with the ongoing need to generate shareholder
value.  The Office of the Superintendent of Financial Institutions (Canada) (the
"Superintendent") has indicated Tier 1 and Total capital ratios of 7% and 10%,
respectively, as targets for Canadian banks.  At April 30, 2001 the bank's Tier
1 and Total capital ratios were 8.8% and 12.3%, respectively, well above the
Superintendent's targets and also higher than the bank's own medium-term capital
ratio goals of 8% for Tier 1 and 11-12% for Total capital.

On April 12, the bank announced that it will redeem on May 31, 2001, US$350
million of floating rate debentures due 2005 and today announced that it will
redeem on August 24, 2001, C$300 million of its first preferred shares, series
H.

Media contact:
Chethan Lakshman, Media Relations, Toronto - (416) 974 5506

Investor contact:
Nabanita Merchant, Investor Relations, Toronto - (416) 955 7803

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