We have been hearing the rumours for months, that HSBC was looking to exit the Canadian market. This morning it all became official as RBC acquired the Canadian division of HSBC for an all-cash deal of $13.5 billion.
“HSBC Canada offers the opportunity to add a complementary business and client base in the market we know best and where we can deliver strong returns and client value given our financial strength and award-winning service,” said Dave McKay, President & CEO, RBC. “This also positions us as the bank of choice for commercial clients with international needs, newcomers to Canada and affluent clients who need global banking and wealth management capabilities. It will help us better serve global clients looking to invest and grow in Canada.”
As a brand, RBC has a much larger footprint across Canada, but the acquisition does provide HSBC access to a larger network of branches and ATMs in Canada, and superior technology advancement allowing for a better user experience. RBC will be able to strength its international presence at a faster rate than possible with current in-market campaigns and initiatives.
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