By Adriano Marchese

 

Royal Bank of Canada has agreed to acquire the Canadian unit of the British banking and financial services giant HSBC for a purchase price of 13.5 billion Canadian dollars ($10 billion).

The Canadian financial institution said it has entered into an agreement to acquire all of the common shares of HSBC Bank Canada, which will see C$134 billion in assets and around 130 branches transfer over to Royal Bank.

Royal Bank says the new addition will enhance its competitiveness on the global stage, add new synergies and contribute to its earnings immediately.

The deal is expected to close by late 2023, and all of HSBC Canada's earnings from June 30 of this year through to the close will accrue to Royal Bank, it said.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

November 29, 2022 07:05 ET (12:05 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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