Royal Bank of Canada has signed deal to acquire HSBC Bank Canada for $13.5 billion in cash.
The acquisition, at a scale not seen in Canada in decades, would secure RBC’s spot as the country’s largest bank as it looks to establish itself as the hub for a more globalized clientele.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.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.
The bank expects to achieve cost savings of about $740 million for 2024, or about 55 per cent of HSBC Canada’s current expense base, through a combination of integrating technology, closures among the 130 branches, and job cuts. The deal will require approval from the Office of the Superintendent of Financial Institutions, the Competition Bureau, and the Ministry of Finance, but McKay said that as HSBC Canada has a market share of two per cent or less, he doesn’t see areas of concern.
“The deal makes strategic sense for both parties, and RBC will take the business to the next level,” Quinn said in a statement.
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