RBC says the purchase price is 9.4 times HSBC Canada's adjusted 2024 earnings of $1.4 billion; the deal is expected to close by late-2023
HSBC Holdings PLC has entered into an agreement to sell its Canadian business to the Royal Bank of Canada in a $13.5 billion cash deal expected to close by late 2023.
“I am pleased that we have reached an agreement with RBC,” said HSBC Group chief executive officer Noel Quinn. “The deal makes strategic sense for both parties, and RBC will take the business to the next level. We look forward to working closely with RBC’s leadership team to ensure a smooth transition for our clients and colleagues.”
HSBC Canada held $134 billion in assets as of Sept. 30 and has about 130 branches and 4,200 employees. The banking segment represents about two per cent of Canadian deposits and mortgages.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Read more »
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.
Read more »
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.
Read more »
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.
Read more »
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.
Read more »
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.
Read more »