Royal Bank of Canada Set to Buy HSBC Bank Canada for C$13.5 Billion
November 29 2022 - 6:20AM
Dow Jones News
By Adriano Marchese
Royal Bank of Canada has agreed to acquire the Canadian unit of
the British banking and financial services giant HSBC for a
purchase price of 13.5 billion Canadian dollars ($10 billion).
The Canadian financial institution said it has entered into an
agreement to acquire all of the common shares of HSBC Bank Canada,
which will see C$134 billion in assets and around 130 branches
transfer over to Royal Bank.
Royal Bank says the new addition will enhance its
competitiveness on the global stage, add new synergies and
contribute to its earnings immediately.
The deal is expected to close by late 2023, and all of HSBC
Canada's earnings from June 30 of this year through to the close
will accrue to Royal Bank, it said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 29, 2022 07:05 ET (12:05 GMT)
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