TORONTO — Royal Bank of Canada 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 closing 25 of HSBC Canada’s approximately 130 branches as part of its optimization of its branch network.
The acquisition of what was Canada’s seventh-largest bank for $13.5 billion means RBC has acquired about 4,500 employees and 780,000 clients.
Chief executive Dave McKay says the acquisition of HSBC Canada comes at an important time for better linking Canadian businesses and investors to international markets.
He says RBC will be maintaining important global banking capabilities in Canada while extending them to all of the bank’s clients.
- RBC to convert HSBC locations on the same day takeover closes
- HSBC takeover will bring significant cost savings, says RBC chief
- Loss of HSBC Canada in mortgage space could raise costs
Critics of the takeover have said it will impact consumer choice and competition in Canada’s already concentrated banking sector.
