Royal Bank of Canada Completes Acquisition of Tucker Anthony Sutro, Begins Integration with Dain Rauscher; Dain Rauscher To Be Renamed RBC Dain Rauscher

Business Wire, Nov 1, 2001

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 1, 2001

Royal Bank of Canada (NYSE:RY) completed its acquisition of Tucker Anthony Sutro and has begun to integrate the firm with its U.S. broker-dealer subsidiary, Dain Rauscher Incorporated, to create the ninth largest full-service brokerage firm in the United States.

The acquisition has been approved by Tucker Anthony Sutro shareholders and regulators in the United States and Canada. Each share of Tucker Anthony Sutro common stock has converted into the right to receive US$24.00 in cash. The transaction is valued at approximately US$625 million.

"With the addition of Tucker Anthony Sutro, we are in position to serve clients from coast to coast," said Irving Weiser, chairman and chief executive officer at Dain Rauscher Incorporated and a member of the Group Management Committee at RBC Financial Group. "We look forward to operating under a common brand when all Tucker Anthony Sutro offices convert to RBC Dain Rauscher early next year."

Effective Nov. 1, Dain Rauscher will change its name to RBC Dain Rauscher as part of RBC Financial Group's global brand strategy. At the same time, Dain Rauscher's equity capital markets division, Dain Rauscher Wessels, will be renamed RBC Capital Markets to reflect the restructuring of RBC's corporate and investment banking business in North America.

"RBC Dain Rauscher will continue to drive our wealth management business strategy in the United States," said Gordon M. Nixon, Royal Bank's president and chief executive officer. "The addition of Tucker Anthony Sutro gives us the scope to deliver our services on a national scale, while maintaining a focus on providing exceptional products and services to our clients."

Tucker Anthony Sutro's offices and units will continue to operate under their current names, changing to the RBC Dain Rauscher name when systems convert and legal entity changes are completed in 2002.

The integration of RBC Dain Rauscher and Tucker Anthony Sutro creates a strong U.S. wealth management platform with a combined sales force of nearly 2,100 financial consultants and a network of 165 brokerage offices in 41 states. In North America, RBC's wealth management presence will grow to more than 3,500 investment advisers with nearly 300 brokerage offices, $177 billion in assets under administration and $81 billion in assets under management.

With the merger, Dain Rauscher's wealth management platform also acquires Tucker Anthony Sutro's fixed income capital markets group, and its asset management business. Tucker Anthony's fixed income capital markets group has municipal and taxable investment banking, sales and trading capabilities primarily in California, Pennsylvania, New Jersey, New York and Massachusetts.

RBC Dain Rauscher Corporation, a wholly owned subsidiary of Royal Bank of Canada (NYSE:RY), is the parent company of RBC Dain Rauscher and Tucker Anthony Sutro, which combined form the nation's ninth largest full-service securities firm with more than 2,000 investment executives and 6,000 employees. The companies serve individual investors and small business owners through offices coast to coast, and capital markets and correspondent clients in select U.S. and international markets. Founded in 1909, RBC Dain Rauscher is a member of the New York Stock Exchange and other major securities exchanges, as well as the Securities Investor Protection Corp. The company's headquarters are located at Dain Rauscher Plaza, 60 S. Sixth St., in Minneapolis.

RBC Capital Markets combines the businesses of RBC Dominion Securities, Canada's leading investment bank, and the U.S. equity capital markets business of Dain Rauscher Wessels under a common global brand. The firm offers world-class expertise and a global reach in its chosen products, markets and industry sectors through five business divisions and 3,000 employees including some 80 analysts covering more than 900 companies. It is a member of RBC Financial Group, the seventh largest bank by assets in North America and Canada's largest financial institution. The group has 58,000 employees who serve more than 12 million customers in 30 countries.

RBC Financial Group is the brand name for Royal Bank of Canada (TSE:RY)(NYSE:RY) and its subsidiaries. Royal Bank is Canada's largest bank as measured by market capitalization and assets, and is one of North America's leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The company employs more than 58,000 people who serve more than 12 million personal, business and public sector customers in North America and in some 30 countries around the world. For more information, please visit www.royalbank.com.

Safe Harbor

This news release includes forward-looking statements that are subject to significant risks and uncertainties. Actual results may differ materially from the results contemplated in these forward-looking statements.