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Saturday | September 19, 2026 | Dhaka

RBC’s takeover of HSBC Canada approved

 New Nation
 Published: 12:00 AM, 24 December 2023

Agency  :
The Royal Bank of Canada’s (RBC) takeover of banking giant HSBC’s Canadian operations was granted conditional approval on Thursday, more than a year after the $15.5 billion deal was announced.
Canadian Finance Minister Chrystia Freeland said RBC would be required to establish “a new integrated banking center” in Vancouver, eliminate certain transfer fees between the two banks, and “protect” the jobs of HSBC Canada’s 4,000 employees.
Canada’s leading bank will also have to increase its workforce in the Manitoba’s provincial capital Winnipeg, maintain at least 33 HSBC branches and offer C$7 billion ($5.3 billion) in financing for the construction of affordable housing.