Royal Bank of Canada has reached an agreement to acquire HSBC Bank Canada.
Under the terms of the agreement, RBC will acquire all of the common shares of HSBC Canada for an all-cash purchase price of $13.5 billion.
HSBC Canada had $134 billion in assets as of September 30, some 130 branches and 4,200 full-time equivalent employees.
Royal Bank President and CEO Dave McKay says the transaction will allow his company to better serve customers with international needs, newcomers to Canada and affluent customers who need banking capabilities and global wealth management.
The transaction is expected to close by the end of 2023, subject to customary closing conditions, including obtaining regulatory approvals.
Further details will follow.
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