Royal Bank of Canada announced its intention to redeem all outstanding Non-Viability Contingent Capital (NVCC) 2.74% subordinated debentures due July 25, 2029 for 100% of their principal amount plus accrued interest to, but excluding, the redemption date. The redemption will occur on July 25, 2024. The current principal amount of 2.74% NVCC subordinated debentures outstanding is $1,500,000,000.

The redemption of the debentures will be financed out of the general corporate funds of Royal Bank of Canada.