JERSEY, 14 SEPTEMBER 2009 – Michael Lagopoulos, President and CEO of the international arm of RBC Wealth Management, believes that the IMF’s paper on Jersey, published today, will provide even more comfort to high net worth individuals (HNWIs) who choose to conduct their business in Jersey. Commenting on the IMF paper, Michael Lagopoulos said: “Jersey has for many years been at the cutting edge of introducing internationally recognized legislation to encourage transparency. The recent OECD Global Forum on Tax Transparency and Exchange of Information concluded that the era of banking secrecy law was coming to an end. This is something that Jersey has supported from the outset in promoting the idea of a common global standard for transparency. Jersey's ratification of a number of Tax Information Exchange Agreements is testament to its commitment to balancing transparency whilst also protecting the privacy of legitimate business activities. “In fact, Jersey has always focused on conducting tax compliant business and this has been the core reason for the significant growth of RBC Wealth Management’s Jersey business over the years. Clients are attracted to Jersey as a jurisdiction because of the Island's strong culture of regulation, and its high levels of professional expertise in the financial, accountancy and legal arenas. “HNWIs are extremely mobile these days, and therefore they are keen to domicile their wealth in a jurisdiction that is politically stable and which has a strong fiscal and regulatory framework. Our clients are extremely attracted to Jersey for these reasons, and the IMF’s paper is a welcome affirmation of the positive aspects of the jurisdiction. “The IMF Report gives Jersey well-deserved credibility at a time when offshore financial centres have been lumped under one umbrella and tarnished as 'tax havens' irrespective of their attitudes to and proof of transparency." – ENDS – To talk to Michael about his comments, please contact: Greentarget, London Anna Watson / Phillippa Cantrill Telephone: +44 (0)20 7680 5052 / +44 (0)20 7680 5063 RBC Wealth Management Sanam Alaghband / Beverley Weber Telephone: +44 (0)20 7002 2013 / + 44 (0)20 7029 7685 For an overview of the report from Jersey Finance, please use this link: About RBC Wealth Management The international arm of RBC Wealth Management services over 35,000 high net worth individuals and institutions through 35 offices in the British Isles, Continental Europe, Asia, the Middle East, the Caribbean, Latin America and North America. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth and ultra high net worth individuals and to corporate and institutional clients around the world. Services provided by RBC Wealth Management consultants, advisors, private bankers and trust officers include trust and estate planning, tax advice, discretionary investment management and investment advisory services, structured solutions, banking, lending and global custody. For more information, please visit RBC Wealth Management, a segment of RBC, directly serves affluent and high net worth clients and provides asset management products and services to institutional and individual clients. The business has more than C$480 billion of assets under administration, more than C$230 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers. About RBC Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada’s largest bank as measured by assets and market capitalization, one of North America’s leading diversified financial services companies and among the largest banks in the world, as measured by market capitalization. We provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 80,000 full- and part-time employees who serve more than 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 53 other countries. For more information, please visit