National Bank of Canada, CIBC are no longer in the running in the auction for the Canadian arm of Britain-based HSBC Holdings Inc.
with strong roots in commercial banking and a large presence in British Columbia and Ontario. All six of Canada’s largest banks held preliminary meetings to kick the tires on HSBC Canada, and the auction process has moved quickly. The Globe has reported that first-round bids were due late last week.
In the auction’s early stages, CIBC and National Bank were considered by some analysts to have some of the most compelling strategic reasons to buy HSBC Canada, though each would have had to raise billions of dollars to meet the purchase price.
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