Royal Bank of Canada (today announced the launch of its normal course issuer bid to purchase, for cancellation, up to 10 million of its common shares through the facilities of the Toronto Stock Exchange.

The bank says the share buyback will enable it to balance the imperatives of maintaining strong capital ratios with the ongoing need to generate shareholder value.

The shares represent approximately 1.5% of the bank’s outstanding common shares. As of June 14, 2005, there were 646,591,972 common shares of the bank outstanding.

Purchases may commence on June 24, 2005, and continue for a period of one year.

As of June 14, 2005, the bank had purchased 7,418,367 million common shares at an average price of $60.91 under the bank’s current normal course issuer bid, which will expire on June 23, 2005.