Royal Bank of Canada today announced the launch of its normal course issuer bid to purchase, for cancellation, up to 20 million of its common shares through the facilities of the Toronto Stock Exchange.

The buy-back lets the bank maintaining its capital ratios while generating shareholder value.

The shares that may be repurchased represent approximately three per cent of the bank’s outstanding common shares. As of June 17, 2002 there were 674,440,269 common shares of the bank outstanding.

Purchases under the normal course issuer bid may commence on June 24 and continue for a period of one year. The amount and timing of any such purchases will be determined by the bank.

As of June 14, 2002, the bank has purchased 15,265,600 common shares at an average price of $49.2571 under the bank’s normal course issuer bid which will expire on June 21, 2002.