Will HSBC sell to Royal Bank of Canada?

LONDON/TORONTO/NEW YORK, Nov 29 (Reuters) - HSBC (HSBA.L) has agreed to sell its business in Canada to Royal Bank of Canada (RY.TO) for C$13.5 billion ($10 billion) in cash, paving the way for a potential bumper payout for shareholders later down the line.

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.

What is HSBC Bank Canada?

HSBC Bank Canada includes four divisions covering HSBC's commercial banking, personal banking, investment banking and markets services business in the country. The bank is the country's seventh largest by assets, according to Refinitiv data, and the biggest international player in a market dominated by domestic incumbents.

How much did HSBC Bank Canada make in 2022?

While a relatively small part of HSBC’s overall business, HSBC Bank Canada made $490 million before taxes in the first half of 2022, according to its second quarter earnings release. HSBC Bank Canada divisions include Commercial Banking, Global Banking & Markets, and Wealth and Personal Banking.