TORONTO, Oct. 22, 2014 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AX (the "Series AX shares") on November 24, 2014, for cash at a redemption price of $25.00 per share.

There are 13,000,000 Series AX shares outstanding, representing $325 million of capital. The redemption of the Series AX shares will be financed out of the general corporate funds of Royal Bank of Canada.

Separately from the redemption price, the final quarterly dividend of $0.38125 per share for the Series AX shares will be paid in the usual manner on November 24, 2014 to shareholders of record on October 27, 2014.

SOURCE RBC