Royal Bank of Canada has signed a deal to acquire HSBC Bank Canada for $13.5 billion in cash.
RBC chief executive Dave McKay said the deal offers the opportunity to add a complementary business and client base.
“This also positions us as the bank of choice for commercial clients with international needs, newcomers to Canada and affluent clients who need global banking and wealth management capabilities,” MacKay said in a statement Tuesday.
“It will help us better serve global clients looking to invest and grow in Canada.”
Global banking giant HSBC Holdings PLC said earlier this year that it was reviewing strategic options for its Canadian subsidiary including the possible sale of the operations….