RBC acquires HSBC Canada for $13.5B and rebrands, gaining 4,500 employees and 780,000 clients.
RBC reopens HSBC Canada branches under its own brand after the $13.5B acquisition of Canada's seventh-largest bank. The deal allows RBC to take on 4,500 employees and 780,000 clients. RBC also plans to shutter 25 of HSBC Canada's 130 branches. CEO Dave McKay says the acquisition is crucial for better connecting Canadian businesses and investors to international markets, while maintaining important global banking capabilities for clients.
April 01, 2024
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