RBC says it expects to close the deal by late 2023 subject to customary conditions
Royal Bank of Canada has signed deal to acquire HSBC Bank Canada for $13.5 billion in cash.
RBC chief executive Dave McKay says the deal positions RBC as the bank of choice for commercial clients with international needs, newcomers to Canada and affluent clients who need global banking and wealth management capabilities.
As the Canadian national soccer teams head to their respective FIFA World Cups, Derek Van Diest is on the scene to cover all the action. Expect expert insights and analysis in your inbox daily throughout the tournaments, and weekly on Thursdays for the rest of the season.
Thanks for signing up!
A welcome email is on its way. If you don't see it, please check your junk folder.
The next issue of Corner Kicks with Derek Van Diest will soon be in your inbox.
Global banking giant HSBC Holdings Plc said earlier this year that it was reviewing strategic options for its Canadian subsidiary including the possible sale of the operations.
HSBC Canada has approximately 130 branches and 4,200 full-time equivalent employees.
RBC says it expects to close the deal by late 2023 subject to customary conditions including regulatory approvals.
Under the agreement, all of HSBC Canada’s earnings from June 30, 2022, through to the closing of the deal will accrue to the Canadian bank.
