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HSBC Holdings PLC on Friday said the sale of its business in Canada to Royal Bank of Canada has received approval from the Canadian minister of finance, enabling the deal to proceed.
HSBC and RBC announced had announced the agreement in November last year. Toronto-headquartered RBC will buy all the shares of HSBC Bank Canada for C$13.5 billion, around $10.16 billion, in cash.
‘HSBC and RBC continue to make progress on implementation, and the transaction is expected to close in the first quarter of 2024. HSBC remains committed to considering the payment of a special dividend of $0.21 per share as a priority use of the proceeds from this sale in the first half of 2024,’ the Asia-focused lender said on Friday.
Shares in HSBC were up 1.2% to HK$62.00 each in Hong Kong on Friday afternoon. RBC shares had closed up 0.6% at C$133.09 in Toronto on Thursday.
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