Why did Royal Bank of Canada buy HSBC?

London-based HSBC's international presence is a major selling point for the Royal Bank of Canada's decision to buy the bank's Canadian unit. (Kerem Uzel/Bloomberg) Royal Bank of Canada has agreed to buy the Canadian arm of mutinational bank HSBC for $13.5 billion in cash.

Will HSBC become Canada's largest bank?

Royal Bank of Canada has agreed to pay $13.5-billion in cash for HSBC Bank Canada in what is the largest domestic banking deal on record. The acquisition, at a scale not seen in Canada in decades, would secure RBC's spot as the country's largest bank as it looks to establish itself as the hub for a more globalized clientele.

Will Royal Bank of Canada swallow HSBC Bank Canada?

Anne Gaviola has the details – Nov 29, 2022 Royal Bank of Canada has struck a deal to pay $13.5 billion in cash to swallow up HSBC Bank Canada, the seventh largest bank in the country by assets and – since the Big Six banks are largely untouchable – the biggest takeover prize around.

What happens to HSBC Canada?

The acquisition will end over 40 years of financial services for HSBC Canada. The Canadian arm of the multinational bank boasts 130 branches, 4,200 employees and $134 billion in assets as of September 2022. While it’s agreed to sell its Canadian subsidiary, HSBC will continue its operations in Europe and beyond.