What does the HSBC acquisition mean for Canadian customers?

On November 29, the Royal Bank of Canada announced its plans to buy HSBC Bank Canada in an agreement heralded as Canada’s biggest domestic banking deal on record. What does the acquisition mean for HSBC customers? Business as usual — for now. RBC intends to purchase HSBC Canada for $13.5 billion in cash.

Is HSBC selling its banking business to Royal Bank of Canada?

HSBC Holdings plc (the ‘ ’) announces its wholly owned subsidiary, HSBC Overseas Holdings (UK) Limited, has today entered into an agreement to sell its banking business in Canada (‘ HSBC Canada ’) to Royal Bank of Canada (‘ ’), subject to regulatory and governmental approvals, (the ‘ ’).

How many HSBC branches are there in Canada?

A branch of HSBC in downtown Toronto. The bank has more than 130 branches in Canada. Photograph: Chris Helgren/Reuters HSBC has struck a deal to sell its Canadian business to Royal Bank of Canada for £8.4bn as it continues to shrink its global footprint and focus on the Chinese market.

How much is HSBC worth in Canada?

HSBC is Canada's seventh-biggest bank with assets of C$125 billion, and it earned C$490 million before tax as of June 30, based on its latest financial results. Analysts had valued HSBC's Canada business in the range of C$8 billion to C$10 billion. HSBC hired JP Morgan (JPM.N) to advise on the sale, Reuters previously reported.