Royal Bank of Canada selected to provide banking services to government

Treasury Board President Anna Thistle announced today that government has chosen the Royal Bank of Canada to provide banking services for the Government of Newfoundland and Labrador.

Minister Thistle said the Royal Bank will start to provide banking services June 1, 2000. The existing agreement between government and its current banker, Canadian Imperial Bank of Commerce (CIBC), will expire May 31, 2000.

"I am pleased to announce that the Royal Bank of Canada was chosen as the government�s main banker," said Minister Thistle. "The selection of the Royal Bank follows a call for proposals and an evaluation process carried out by officials of both the Treasury Board Secretariat and the Department of Finance."

The agreement between the government and the Royal Bank will be for five years.

"Government looks forward to its new partnership with the Royal Bank," said Minister Thistle. "We also express our appreciation to the CIBC for the service it has provided to government as our main banker for the past 15 years."

The minister also announced that the Royal Bank will provide Visa and debit card acceptance services and the Bank of Montreal will provide MasterCard acceptance services to government effective June 1, 2000. This was also the result of a formal call for proposals.

Media contact: Carmel Parsons, Communications, (709) 729-6830.

2000 04 20                                                                 4:00 p.m.