Royal Bank of Canada expects its struggling unit in the U.S. to be "a net contributor" to Canada's biggest lender and is bullish about the opportunities south of the border, CEO Dave McKay told Reuters on Wednesday. City National Bank, which RBC acquired in 2015 under McKay's watch, required capital injection and saw shake-up of its top executives last year as the regional banking crisis in the United States roiled smaller financial institutions. "This is, for us, a good pause to reset the foundation for the next leg of growth and we're very positive that City National will be a net contributor to the bank going forward," McKay said in an interview after wrapping up the purchase of HSBC Canada over the weekend.
The Canadian government on Thursday granted approval for Royal Bank of Canada’s C$13.50 billion ($10.20 billion) acquisition of the Canadian assets of HSBC (HSBC Canada)
Canada on Thursday approved Royal Bank of Canada's C$13.5 billion dollars ($10.2 billion) acquisition of HSBC's domestic unit, in a deal that would further tighten the country's top lenders' grip on the market. The deal is conditional on RBC establishing a global banking hub in Vancouver, waiving fees associated with the transfer of mortgages from HSBC to RBC and protecting HSBC's Canadian workforce. RBC will also have to increase its client operations center workforce in Winnipeg by 10%, provide $7 billion in financing for affordable housing construction across Canada and continue banking services at a minimum of 33 HSBC branches.
(Bloomberg) The Canadian government will approve Royal Bank of Canada’s landmark deal to acquire HSBC Holdings Plc’s Canadian operations, handing a major regulatory win to one of North America’s largest financial institutions. Most Read from BloombergVilified Zero-Day Options Blamed by Traders for S&P DeclineHarvard Financial Pain Grows as Blavatnik Joins Donor RevoltGiuliani Files for Bankruptcy After $148 Million Defamation LossUS Inflation Report to Show Fed’s Battle Is Now All But Complet