RBC completes acquisition of HSBC Bank Canada

03/04/2024 News

Royal Bank of Canada announced today the successful completion of its acquisition of HSBC Bank Canada.

Dave McKay, President and CEO of RBC, expressed excitement about this significant milestone in RBC's 155-year history. He stated, "Today marks one of the most exciting times in our history as we welcome 4,500 employees and 780,000 clients from HSBC Canada. This acquisition presents a rare opportunity to enhance our banking experience, deliver better value for clients, and strengthen our communities. I want to extend my gratitude to everyone involved in making this deal a reality, and I am eager to explore the possibilities this acquisition brings."

In December 2023, RBC announced several commitments to support the acquisition, including pledges to create new Canadian jobs, continue donating 1% of net income before taxes to communities, and finance the construction of new housing in Canada. Additionally, RBC will construct a new Global Banking Hub in Vancouver over the next five years, generating over 1,000 jobs across various disciplines.

Neil McLaughlin, Group Head of Personal & Commercial Banking at RBC, emphasized how the acquisition expands RBC's international banking capabilities and strengthens its connection to the global economy. He remarked, "RBC's acquisition of HSBC Canada enhances our ability to serve commercial clients with international needs, newcomers to Canada, and affluent clients seeking global banking and wealth management services."

With the completion of the acquisition, conversion activities will commence. HSBC Canada's branches and offices will transition to RBC locations and open for business on Monday, April 1, 2024.

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