Canada’s largest bank is planning to become even bigger with a $13.5-billion offer to purchase the Canadian banking arm of HSBC.
The acquisition would see RBC, with 1,200 branches and $1.8 trillion in assets, acquire HSBC Canada’s 130 branches and $134 billion in assets. HSBC is currently the seventh largest bank in Canada.
On Tuesday, RBC CEO Dave McKay called the deal a”unique and once-in-a-generation opportunity to leverage all the investments we’ve already made in building a world-class retail and commercial bank in Canada.”
In the bank’s announcement, McKay outlined some of the benefits the acquisition would achieve, including “the opportunity to add a complementary business and client base in the market we know best…”
He also said the deal would position RBC as the “bank of choice for commercial clients with…
