Tuesday, October 7, 2025

Latest

HSBC Completes $10B Sale of Canadian Unit to Royal Bank of Canada

HSBC Holdings (LON: HSBA) announced quietly late last week that it has completed the C$13.5 billion (US$9.96 billion) sale of its Canadian subsidiary, HSBC Bank Canada, to the Royal Bank of Canada (TSE: RY). The deal, first unveiled in December 2023, merges Canada’s largest and seventh-largest lenders.

According to HSBC’s statement, the transaction will result in an estimated $4.9 billion gain recognized in the first quarter of 2024 financial results. The acquisition allows RBC to significantly expand its domestic retail banking operations while strengthening its international capabilities.

Beginning Monday, April 1st, all HSBC Canada branches and offices will open under the RBC brand. The merger, RBC’s biggest ever, faced opposition from environmental groups, anti-monopoly advocates, and conservatives concerned about industry consolidation and potential fee increases for consumers. However, it ultimately gained regulatory approval.

RBC hailed the deal as a “once-in-a-generation opportunity” that will deliver an enhanced experience for clients and communities. Dave McKay, RBC’s CEO, said in a statement that the merger “marks one of the most exciting times of our 155-year history,” and that it is “a pivotal milestone in our long-term growth story” as they welcome 4,500 employees and 780,000 clients from HSBC Canada into the combined organization.  

To support the acquisition, RBC previously announced commitments including creating new Canadian jobs, maintaining a 1% pre-tax profit donation to communities, financing new housing construction, and building a new global banking hub with over 1,000 jobs in Vancouver over five years.

Neil McLaughlin, head of personal and commercial banking at RBC, said the deal positions RBC as the bank of choice for commercial clients with international needs, newcomers to Canada, and affluent clients requiring global banking and wealth management services.

The merger marks RBC’s largest acquisition since an attempted bid for Bank of Montreal in the early 1990s was blocked by regulators.


Information for this story was found via HSBC, RBC, Reuters, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

HSBC Found Not Liable for 2009 Al-Qaeda Bombing at CIA Base

A US appeals court earlier this week ruled that HSBC (NYSE: HSBC) cannot be held...

Saturday, September 10, 2022, 03:09:00 PM

Royal Bank Earnings: Somehow Great, Despite Weak Economy

Folks, we’ve got a winner. Canada’s largest company has hit a new all time high...

Sunday, December 8, 2024, 09:45:00 AM

Royal Bank of Canada Q4 2023 Exceeds Expectations Despite Credit Loss Provision Bump

Royal Bank of Canada (TSX: RY) announced a stronger-than-expected quarterly profit on Thursday, propelled by...

Thursday, November 30, 2023, 10:19:00 AM

RBC Tops Q2 2024 Estimates, Hikes Dividend, Announces 30-Million Share Repurchase Plan

The Royal Bank of Canada (TSX: RY) has surpassed analysts’ expectations for its fiscal second...

Thursday, May 30, 2024, 12:08:14 PM

BMO: HSBC Canada Acquisition By Big 6 Would Be “Accretive To Safety And Soundness Of The Banking System In Canada.”

Earlier this month, it was reported that HSBC (NYSE: HSBC) was exploring the sale of...

Sunday, October 16, 2022, 11:14:00 AM