RBC today announced the creation of a new wealth management business segment consisting of businesses that directly serve the growing wealth management needs of affluent and high net worth clients globally, and businesses that provide asset management and trust products.

“We believe that global demand for wealth management products and services will continue to increase as global economies develop and populations mature,” said Gordon Nixon, RBC president and CEO. “RBC is very well positioned to generate high quality revenue and earnings growth from this demand and we intend to grow this segment of our business aggressively over the next several years.”

The growth of the wealth management segment will be built on the foundation of RBC Dominion Securities, RBC Asset Management, RBC’s trust services and discretionary investment management businesses in Canada, U.S. brokerage unit RBC Dain Rauscher, and Royal Bank of Canada Global Private Banking.

RBC’s wealth management segment will be led by George Lewis, previously head of RBC’s Canadian wealth management business line, who will join RBC’s group executive immediately.

As of Oct. 31, 2006, wealth management had approximately $475 billion of client assets under administration, $140 billion of assets under management, and 3,000 financial advisors, demonstrating critical mass in an attractive segment of the global financial services market.

The new platform complements RBC’s global wholesale banking segment, capital markets, which has a leadership position in Canada across virtually all major business lines and strong and growing market positions in select segments of the global capital markets. The capital markets segment will be a key partner of the wealth management segment since its products and services are increasingly in demand by advisors to high net worth clients.

As head of RBC’s U.S. & International Banking segment, Peter Armenio will continue to be responsible for RBC’s banking operations internationally and in the U.S., including RBC’s Caribbean banking operations and RBC Centura, with more than 290 branches in five U.S. states. “We will continue to focus on being the bank for businesses, business owners, and professionals in the Southeast U.S. by expanding our products and services to meet the needs of our clients,” Nixon said. Armenio will also oversee RBC’s 50% ownership in its RBC Dexia joint venture.

RBC’s largest business segment will be renamed Canadian banking and remain a core source of revenues and earnings under the leadership of Jim Westlake. “Our Canadian retail business segment will continue to differentiate itself from our Canadian and U.S. peers by offering clients significant breadth and quality of products and advice,” Nixon said.

In addition to personal banking, business financial services, cards and payment solutions, and global insurance, RBC’s retail investment business in Canada, both in-branch and RBC Direct Investing, will continue to be a part of the Canadian Banking segment.

Operationally, the new corporate structure will take effect immediately.

RBC will begin reporting financial results according to the new structure as of its second quarter earnings report, scheduled for May 25, 2007.