April 18th, 2024

HSBC Canada branches reopening under RBC brand with takeover complete

By The Canadian Press on April 1, 2024.

RBC opened HSBC Canada branches under its own brand on Monday after closing its takeover of the bank last week. An HSBC bank sign is pictured in Ottawa on Monday, July 11, 2022. THE CANADIAN PRESS/Sean Kilpatrick

TORONTO – RBC is reopening HSBC Canada branches under its own brand on Monday after closing its takeover of the bank last week.

Ahead of the deal closing, RBC said it would also be shuttering 25 of HSBC Canada’s roughly 130 branches as part of its optimization of its branch network.

The $13.5-billion acquisition of what was Canada’s seventh-largest bank means RBC has taken on about 4,500 employees and 780,000 clients.

Chief executive Dave McKay says the takeover of HSBC Canada comes at an important time for better connecting Canadian businesses and investors to international markets.

He says RBC will be keeping important global banking capabilities in Canada while expanding them to all of the bank’s clients.

Critics of the takeover have said it will affect consumer choice and competition in Canada’s already concentrated banking sector.

This report by The Canadian Press was first published April 1, 2024.

Companies in this story: (TSX:RY)

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