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HSBC Canada now rebranded as RBC following acquisition

The Canadian banking marketplace just got a bit smaller. Rate-savvy shoppers may have noticed that HSBC Canada – once a leading provider of competitive uninsured mortgage rates – is no longer to be found. Following the closing of its sale to RBC on March 28, all HSBC branches reopened under the Royal Bank of Canada banner on April 1. 

Rate shoppers will find the lender is no longer present on’s mortgage, credit card, or banking comparison tables.

A total of 4,500 employees and 780,000 clients have also made the move as part of the $13.5-billion deal. The historic acquisition of Canada’s seventh-largest bank was approved in December by the Department of Finance, OSFI and the Competition Bureau. It will better position RBC as a global banking player, continuing to offer the former HSBC’s international banking services to clients, as well as RBC’s “award-winning personal, commercial, wealth and capital markets offerings.”

By bringing the capabilities, international connections and exceptional talent of HSBC Canada to RBC, we are creating an enhanced banking experience for our clients, which includes new international products and innovative digital capabilities to help them achieve their financial goals, said Neil McLaughlin, group head, Personal & Commercial Banking, RBC. 

As part of the terms of the approval, RBC has to fulfill a number of commitments, including the creation of new Canadian jobs, the donation of 1% of pre-tax net income to local communities, as well as the construction of new housing. The bank will also build a new Global Banking Hub, to be headquartered in Vancouver, within the next five years, which will support the creation of 1,000 jobs.

Today marks one of the most exciting times of our 155-year history and a pivotal milestone in our long-term growth story as we welcome 4,500 employees and 780,000 clients from HSBC Canada, stated RBC President and CEO Dave McKay.

“This once-in-a-generation opportunity will show Canadians how our combined organization will deliver an enhanced banking experience, create better value for clients and strengthen our communities. I want to thank everyone involved in the monumental team effort to bring this deal to life and I look forward to the possibilities this acquisition will deliver.”

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