To the point RBC has agreed to purchase the business of HSBC Bank Canada for $13.5 billion with plans to complete the transaction by the end of 2023.
RBC and HSBC Canada: the transaction
With HSBC Canada, RBC will further position itself with certain clients with wealth management needs such as :
- International customers
HSBC has 130 branches in Canada and 4,200 employees (including 450 in Quebec).
In comparison, RBC has 65,000 full-time employees in Canada.