6th December 2022

HSBC Canada to be sold to Royal Bank of Canada for CA$13.5bn
Trend

HSBC Holdings has announced that its wholly owned subsidiary, HSBC Overseas Holdings(UK) Limited, has entered into an agreement to sell its banking business in Canada (HSBC Canada) to Royal Bank of Canada(RBC), subject to regulatory and governmental approvals.

RBC will acquire 100% of the issued common equity of HSBC Canada for a base cash consideration of CA$13.5bn (US$10.1bn). In addition, RBC will acquire all the preferred shares and the outstanding subordinated debt issued by HSBC Canada and held by the HSBC Group for approximately CA$1.1bn(US$0.8bn) and CA$1bn(US$0.7bn), respectively. The Transaction is expected to complete in late 2023.

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