Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Royal Bank of Canada - Toronto-based lender - Targets March 28 as close date for acquisition of HSBC Bank Canada. RBC will begin conversion activities once the transaction closes and will open the branches and offices in Canada for business a few days later on April 1.
‘We look forward to welcoming HSBC Bank Canada employees and adding value to the 780,000 HSBC Bank Canada clients, including through international banking products and innovative digital capabilities, as well as unlocking powerful benefits from RBC Vantage, Avion Rewards, MyAdvisor, RBC PayEdge and access to the largest network of branches and ATMs in Canada,’ RBC says.
HSBC Holdings PLC and RBC had announced the agreement for RBC to acquire HSBC’s Canadian business in November 2022 in a cash deal worth C$13.5 billion, or $10.16 billion. Late last month, HSBC said the deal had received approval from the Canadian minister of finance.
RBC current stock price: C$132.45, closed up 0.2% in Toronto on Monday
12-month change: down 1.7%
HSBC current stock price: 590.70 pence, down 0.9% in London on Tuesday
12-month change: down 0.9%
Copyright 2024 Alliance News Ltd. All Rights Reserved.