Royal Bank of Canada has signed deal to acquire HSBC Bank Canada for $13.5 billion in cash.
RBC chief executive Dave McKay said the deal offers the opportunity to add a complementary business and client base.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
HSBC Group chief executive Noel Quinn said the bank decided to sell the Canadian business after a thorough review that concluded that there was a material value upside from selling.Article content “The deal makes strategic sense for both parties, and RBC will take the business to the next level,” Quinn said in a statement.
“Our group strategy is unchanged, and closing this transaction will free up additional capital to invest in growing our core businesses and to return to shareholders.”RBC said 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.
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Royal Bank of Canada to buy HSBC Bank Canada for $13.5 billionThe Royal Bank of Canada said on Tuesday that it will acquire HSBC Canada for an all\u002Dcash transaction of $13.5 billion. Find out more.
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Royal Bank of Canada to buy HSBC Bank Canada for $13.5 billionThe Royal Bank of Canada said on Tuesday that it will acquire HSBC Canada for an all\u002Dcash transaction of $13.5 billion. Find out more.
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Royal Bank of Canada to buy HSBC Bank Canada for $13.5 billionThe Royal Bank of Canada said on Tuesday that it will acquire HSBC Canada for an all\u002Dcash transaction of $13.5 billion. Find out more.
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Royal Bank of Canada signs deal to buy HSBC Canada for $13.5 billionRoyal Bank of Canada has signed deal to acquire HSBC Bank Canada for $13.5 billion in cash.
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Royal Bank of Canada signs deal to buy HSBC Canada for $13.5 billionRoyal Bank of Canada has signed a deal to acquire HSBC Bank Canada for $13.5 billion in cash.
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Royal Bank of Canada signs deal to buy HSBC Canada for $13.5BRoyal Bank of Canada has signed a deal to acquire HSBC Bank Canada for $13.5 billion in cash.
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