HSBC Finalises Sale Of Canadian Unit To Royal Bank Of Canada

Canada (RBC) for CUSD 13.5 billion (USD 9.96 billion) on Thursday. According to HSBC's statement released on Friday, the transaction is expected to generate an estimated gain of USD 4.9 billion in the first quarter of 2024.

RBC has expressed optimism about the acquisition, stating that it will enhance its domestic operations and bolster its global presence. Following the sale, HSBC Canada's branches and offices are set to operate under the RBC brand starting from Monday, 1 April, as announced in a separate statement by RBC.

Despite facing opposition from environmental and anti-monopoly groups, as well as concerns from conservatives regarding industry concentration and potential consumer fee increases, RBC's largest merger has been successfully completed.

This landmark deal marks the largest in the Canadian banking sector since the early 1990s when regulatory obstacles prevented RBC's attempted acquisition of Bank of Montreal.