Royal Bank of Canada Designated a Global Systemically Important Bank
TORONTO, Nov. 21, 2017 /PRNewswire/ -- Royal Bank of Canada (RY on TSX and NYSE) today announced it has been named a Global Systemically Important Bank (G-SIB) by the Financial Stability Board (FSB), based in Basel, Switzerland. This designation reflects the size and scale of RBC's global operations.
RBC is ranked in the lowest G-SIB capital surcharge bucket (Bucket 1) and already meets the requirement of a 1% capital buffer so does not expect any impact to its capital position with this designation.
RBC will publicly disclose in the first quarter of 2018 a detailed breakdown of all of the 12 G-SIB assessment indicators. For more information please refer to the FSB web site at fsb.org.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release may be deemed to be forward-looking statements within the meaning of certain securities laws, including the 'safe harbour' provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. These forward-looking statements include, but are not limited to, statements about the effect of the G-SIB designation on our capital position and the public disclosure of the G-SIB assessment indicators. Forward-looking statements are typically identified by words such as 'believe', 'expect', 'foresee', 'forecast', 'anticipate', 'intend', 'estimate', 'goal', 'plan' and 'project' and similar expressions of future or conditional verbs such as 'will', 'may', 'should', 'could' or 'would'.
By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our forward-looking statements, including statements about the effect of the G-SIB designation on our capital position and the public disclosure of the G-SIB assessment indicators, will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors - many of which are beyond our control and the effects of which can be difficult to predict - include: credit, market, liquidity and funding, insurance, operational, regulatory compliance, strategic, reputation, legal and regulatory environment, competitive and systematic risks and other risks discussed in the Risk management and Overview of other risks sections of our 2016 Annual Report and the Risk management section of our Q3 2017 Report to Shareholders; global uncertainty, the Brexit vote to have the United Kingdom leave the European Union (EU), weak oil and gas prices, cyber risk, anti-money laundering, exposure to more volatile sectors, technological innovation and new Fintech entrants, increasing complexity of regulation, data management, litigation and administrative penalties, the business and economic conditions in the geographic regions in which we operate, the effects of changes in government fiscal, monetary and other policies, tax risk and transparency, and environmental risk.
We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Material economic assumptions underlying the forward looking statements contained in this press release are set out in the Overview and outlook section and for each business segment under the heading Outlook and priorities in our 2016 Annual Report, as updated by the Overview and outlook section of the Q3 2017 Report to Shareholders. Additional information about these and other factors can be found in the Risk management and Overview of other risks sections of our 2016 Annual Report and the Risk management section of the Q3 2017 Report to Shareholders. Except as required by law, we do not undertake to update any forward-looking statement contained in this press release, whether written or oral, that may be made from time to time by us or on our behalf.
About RBC
Royal Bank of Canada is Canada's largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis. We have approximately 81,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 35 other countries. For more information, please visit rbc.com.
RBC helps communities prosper, supporting a broad range of community initiatives through donations, community investments and employee volunteer activities. For more information please see: http://www.rbc.com/community-sustainability/.
Media contacts: North America: Tanis Feasby, VP, Communications, Wealth Management, Insurance & Finance, tanis.feasby@rbc.com, 416-955-5172; Europe: Louisa Fairman, Head of Communications, Investor & Treasury Services, louisa.fairman@rbccm.com, +44 20 7029 7821; Investor Relations contact: Dave Mun, SVP & Head, Investor Relations, dave.mun@rbc.com, 416-974-4924
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