RBC completes acquisition of commercial leasing division of ABN AMRO Bank N.V. - Canada branch

TORONTO, Oct. 2 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced it has completed the acquisition of ABN AMRO's Canadian commercial leasing division. ABN AMRO's Canadian commercial leasing division provides equipment financing to a cross section of Canadian corporations. The new division will operate under the name RBC Equipment Finance Group. Terms of the transaction were not disclosed.

This acquisition expands RBC's ability to provide clients with a comprehensive range of financial services and specialized products through a broader sales distribution network. The transaction creates one of the most expansive commercial leasing sales distribution networks in Canada, operating in major urban centres from Halifax to Victoria.

"The completion of this transaction expands RBC's presence in Canada and advances our strategy to continue to grow our Canadian commercial leasing business while adding access to an expanded range of products and services to a new portfolio of clients," said Shauneen Bruder, RBC's executive vice-president, Business and Commercial Banking.

Contacts

Media Contact: Beja Rodeck
(416) 974-5506
beja.rodeck@rbc.com

Investor Relations Contact: William Anderson
(416) 955-7804
william.anderson@rbc.com