HSBC obtains approval of Canadian MoF on the market of HSBC Canada to RBC

HSBC Holdings plc immediately posted an replace on the sale of its enterprise in Canada (HSBC Canada) to Royal Financial institution of Canada (RBC), topic to regulatory and governmental approvals.

On 21 December 2023 the Canadian Federal Authorities’s Minister of Finance authorised the sale, with this approval enabling the transaction to proceed.

HSBC and RBC proceed to make progress on implementation and the transaction is anticipated to shut within the first quarter of 2024. HSBC stays dedicated to contemplating the fee of a particular dividend of $0.21 per share as a precedence use of the proceeds from this sale within the first half of 2024.

As per the phrases of the deal introduced in November 2022, RBC will purchase 100% of the issued frequent fairness of HSBC Canada for a base money consideration of CA$13.5 billion (US$10.1bn). As well as, RBC will purchase all the popular shares and the excellent subordinated debt issued by HSBC Canada and held by the HSBC Group for roughly CA$1.1bn (US$0.8bn) and CA$1.0bn (US$0.7bn), respectively.



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