April 25th, 2024

RBC to convert HSBC locations as soon as takeover closes next week

By The Canadian Press on March 21, 2024.

Royal Bank of Canada signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. Royal Bank of Canada is planning to turn its soon-to-be-acquired HSBC Bank Canada properties into RBC locations immediately after taking ownership.THE CANADIAN PRESS/Andrew Lahodynskyj

TORONTO – Royal Bank of Canada is planning to turn its soon-to-be-acquired HSBC Bank Canada properties into RBC locations immediately after taking ownership.

RBC spokesperson Christine Stewart says the bank will begin converting HSBC branches and offices on March 28, the same day its $13.5-billion takeover deal will close, if it clears customary conditions.

Branches and offices being converted into RBC locations will reopen on April 1.

In advance of the conversion, HSBC told its customers their products, services and balances would be automatically migrated over to similar offerings and accounts from RBC.

HSBC customers were also told they will receive new RBC credit cards in March and see their historical banking and credit card statements and documents migrated to RBC accounts. They were encouraged to download investment documents, which they were told may not be available online after the migration.

RBC announced plans to purchase HSBC Bank Canada in November 2022. At the time, HSBC had about 130 branches and 4,200 employees.

This report by The Canadian Press was first published March 21, 2024.

Companies in this story: (TSX:RY)

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