HSBC sells HSBC Bank Canada to RBC for C$13.5bn, expected to generate a $4.9bn gain for HSBC in Q1 2024.
HSBC has concluded the sale of its Canadian unit, HSBC Bank Canada, to Royal Bank of Canada (RBC) for C$13.5 billion ($9.96 billion). The deal, RBC's largest merger, is expected to generate an estimated $4.9 billion gain for HSBC in Q1 2024. Combining Canada's largest and seventh-largest lenders, RBC believes the acquisition will strengthen its domestic business and global presence.
March 29, 2024
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