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  • 2 Post By ndt
  • 1 Post By qhank

HSBC sells Canadian Business to RBC

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  1. #1

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    HSBC sells Canadian Business to RBC

    Not sure how it materially affects customers of HSBC Canada, but I suspect there will be increases in cross border transactions with HK. Don't think RBC has any retail presence here ...


    HSBC’s chief executive Noel Quinn said the decision to sell the business to RBC followed a thorough review on its “strategic fit” within the wider HSBC portfolio. The bank concluded it held a relatively small share of the Canadian market and had greater opportunities for growth in other countries.

    “Our group strategy is unchanged, and closing this transaction will free up additional capital to invest in growing our core businesses and to return to shareholders,” Quinn said.

    The Guardian: HSBC quits Canada, selling its business to RBC for £8.4bn.

    https://www.theguardian.com/business...o-rbc-for-84bn

  2. #2

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    And there goes Son's Global view and free transfers out of window..

    shri and BCD like this.

  3. #3

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    Should've sold it long time ago. HSBC has done absolutely nothing in Canada over the last 2 decades. Lack of investment in infrastructure, people, growth vision, etc. A slow painful death but glad someone else can take the reigns and revitalize those branches and business.


  4. #4

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    I honestly thought they would have kept a very small retail presence for their premier / jade (or whatever they call it) customers with maybe a branch in Vancouver and Toronto.

    But maybe couldn't be bothered due to cost.


  5. #5

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    I wouldnt call it a slow painful death, not a bad presence, market share and performance in a fourth country for a bank named Hong Kong And Shanghai headquartered in London. Doubt any of the giant north american banks have such presence in any Asian country.. More of a strategic/political decision to move out..

    The sale of its Canadian operation – which has more than 130 branches and 780,000 customers earning C$490m (£301m) before tax in the first half of the year.

  6. #6

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    Here's a good report..

    The Globe and Mail: How RBC pulled off its highly coveted $13.5-billion deal for HSBC Canada with some unintended help from Ottawa.
    https://www.theglobeandmail.com/busi...r-hsbc-canada/


  7. #7

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    Quote Originally Posted by pin:
    I honestly thought they would have kept a very small retail presence for their premier / jade (or whatever they call it) customers with maybe a branch in Vancouver and Toronto.

    But maybe couldn't be bothered due to cost.
    The HSBC US Premier deal was an exception, in most markets that HSBC exited they didn't keep the Premier accounts.
    shri likes this.