(RTTNews) – Royal Bank of Canada (RY, RY.TO) or RBC said Thursday it has received approval from the federal finance minister to proceed with the acquisition of HSBC Bank Canada.
Royal Bank of Canada said in November 2022 that it agreed to acquire 100 percent of the common shares of HSBC Bank Canada, a leading Canadian personal and commercial bank, for an all-cash purchase price of C$13.5 billion.
On Thursday, RBC announced significant investments across Canada and especially in British Columbia, where many HSBC Canada employees are based.
Over the next five years, RBC will develop a Global Banking Hub in Vancouver. The hub will be supported with more than 1,000 jobs across multiple disciplines, including jobs with technology skills in digital, data science and cyber; customer-oriented, multilingual advisors; fraud experts; risk managers; and experts in the field of client credit assessment.
RBC said it will expand its client operations and advisory center teams in Winnipeg, Manitoba, leading to the creation of 100 new jobs.
RBC noted that it will provide C$7 billion in financing for the construction, retrofit and renovation of affordable housing and sustainable housing in Canada over five years.
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