🏦RBC set to buy HSBC Canada for $13.5B ‼️ Scotiabank reports Q4 ⛽️Suncor to keep Petro-Canada Here's what you need to know today:
HSBC’s Canadian operations, essentially snapping up the nation’s seventh-largest financial institution after it was put on the auction block earlier this fall. RBC will pay a total cash consideration of $13.5 billion for HSBC Canada Now, RBC was the only Canadian bank with the financial firepower to pull of this deal, just based on excess capital at its disposal, but the headline figure is still eye-popping.
Sticking with financials, it was something of a mixed bag from Scotiabank as it kicked off the fourth-quarter earnings season for the big six. Adjusted earnings per sharein the quarter - $2.06 vs the expected $2.01 – but the bank missed on the top line amid an “uncertain and volatile” operating environment. Provisions for credit losses – basically, cash set aside to cover loans that could potentially sour – rose more than 200 per cent to $529 million in the quarter.
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