- Royal Bank of Canada has set a targeted close date to close its proposed acquisition of HSBC Canada.
- RBC stated it is targeting March 28 to close the deal
- HSBC Bank Canada’s branches and offices will open for business on April 1 as RBC locations
- Shares of Royal Bank of Canada last traded at C$132.45
Royal Bank of Canada (TSX:RY) has set a targeted close date to close its proposed acquisition of HSBC Canada.
In a news release, RBC stated it is targeting March 28 to close the deal, pending conditions. Conversion activities will begin once the transaction closes and will continue until April 1. HSBC Bank Canada’s branches and offices will open for business on April 1 as RBC locations.
HSBC employs 4,000 people in Canada and provides banking services to roughly 780,000 Canadians.
The HSBC acquisition came after it announced its exit from Canadian markets in November 2022, as part of its global restructuring efforts.
Under the terms of the transaction, the minister of finance has ensured HSBC will be protected by imposing commitments onto Royal Bank of Canada.
Royal Bank of Canada provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. Its segments include personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets and corporate support.
Shares of Royal Bank of Canada last traded at C$132.45.
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