Royal Bank of Canada completed the acquisition of HSBC Bank Canada on 28 March 2024. HSBC Bank Canada's retail banking outlets, commercial lending portfolios, and wealth management operations were folded into the RBC network. Customers of HSBC Bank Canada transitioned to RBC as of the completion date, ending HSBC's retail banking presence in Canada.
CAPITAL IMPACT
Absorbing the acquisition was expected to reduce RBC's Common Equity Tier 1 capital ratio from the 14.9% it reported at 31 January 2024.
HSBC'S EXIT FROM CANADA
The transaction was announced in November 2022 and subsequently received the necessary regulatory approvals.