The deal, based on financial data as of 30 Sept 2022, will bring HSBC Group a $5.7 billion pre-tax profit
HSBC Canada’s assets are valued at $94.6 billion. There are 130 branches in Canada and 4,2200 employees.
Noel Quinn was the CEO at HSBC Group.
I am happy that we reached an agreement to work with RBC. This deal is strategic for both sides and RBC will take RBC to the next level. We look forward to working closely with RBC’s leadership team to ensure a smooth transition for our clients and colleagues. The Group strategy remains unchanged. This transaction will allow us to free up capital to invest in our core businesses and return to shareholders.
Dave McKay, the President & CEO at RBC, said.
HSBC Canada is a great opportunity to grow your business and build client relationships in the best market. This will position us to become the bank of choice for clients with international banking needs, newcomers to Canada as well as clients who are wealthy and need global banking and wealth-management capabilities. RBC is committed to ensuring clients get the highest value and best service.”
The first article appeared on HSBC’s sale of its Canadian business to RBC at $10.1 billion.