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Strategies & Market Trends : Alamos Gold -- Ignore unavailable to you. Want to Upgrade?

To: Al Collard who wrote (3091)	8/11/2002 9:27:11 PM
From: flourainne	Read Replies (1) \| Respond to of 4470

I will take RY as a short. Banks are not good investments. some news that made me decide. Royal Bank of Canada - News Release Royal Bank closes Barclays acquisition Royal Bank of Canada RY Shares issued 674,440,269Jun 28 2002 close $ 52.50 Tuesday July 2 2002News Release Ms. Janine Waschuk reports ROYAL BANK OF CANADA CLOSES ACQUISITION OF BARCLAYS' PRIVATE ... Royal Bank of Canada has closed its acquisition of the private banking business of Barclays PLC in the Americas with offices in New York and Miami. Integration of the businesses will begin immediately, increasing the client base of Royal Bank of Canada global private banking in the Americas region by approximately 10 per cent, with an additional $2.9-billion (U.S.) of client assets consisting of discretionary investment management, investment advisory, trust and banking services. The transaction cost is not expected to exceed $90-million (U.S.). All U.S. regulatory approvals and customary closing conditions have been successfully met. "The addition of this business to our existing private banking operations fits with our strategy of growing our specialized global financial services," said Michael Lagopoulos, senior vice-president, Royal Bank of Canada, and head of global private banking. "We have retained key relationship managers who will ensure a smooth transition for clients and we look forward to introducing them to our expanded range of products and services." Clients are located mainly in the United States, Latin America and the Caribbean. They will be served from Royal Bank of Canada global private banking offices in New York, Miami and Toronto, with linked international services from Cayman, London, Jersey and Geneva. Royal Bank of Canada global private banking has offices in each of these locations and has had a presence in the U.S., Latin America and the Caribbean for more than 100 years. (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com Royal Bank of Canada - In the News Globe says CIBC, others suffer on telecom debt concerns Royal Bank of Canada RY Shares issued 674,021,000May 17 2002 close $ 55.40 Tuesday May 21 2002In the News See Canadian Imperial Bank of Commerce (CM) In the News The Globe and Mail reports in its Saturday, May 18, edition that bank stocks retreated Friday on telecom debt concerns. The Globe's Paul Waldie and Dave Ebner write that Canadian bank stocks reached an all-time high in mid-April but have stumbled since then, hurt badly by further losses from the moribund telecom sector, including Teleglobe's move on Wednesday to seek bankruptcy protection. Down 2 per cent Friday as all bank stocks declined, the Toronto Stock Exchange's banking group has lost 7 per cent of its value in less than a month. Debt concerns mounted Friday with news of troubles at Adelphia Communications and Qwest Communications International. According to figures from the U.S. Federal Reserve Board, corporate debt is at an all-time high, while the ability to pay that money back is near its lowest mark since 1950. BMO Nesbitt Burns says Bank of Nova Scotia, Toronto-Dominion Bank, Bank of Montreal and Canadian Imperial Bank of Commerce have about $700-million (U.S.) in loans to Adelphia. An unnamed analyst puts the figure closer to $1.5-billion (U.S.). BMO Nesbitt says Royal Bank of Canada and CIBC together have a $200-million (U.S.) exposure to Qwest. (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com Flourainne