The deal: Royal Bank of Canada has agreed to buy HSBC’s Canadian business for CAD $13.5 billion ($10.1 billion) in an acquisition that it says will enhance its global competitiveness.
HSBC will make an estimated pre-tax gain of around $5.7 billion from the sale.The deal is expected to be completed in late 2023.
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The bigger picture: Last month, we named RBC as a favorite to buy HSBC’s Canadian arm after rumors began to swirl that the British bank was seeking a buyer.
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