Royal Bank of Canada has completed its $13.5-billion acquisition of HSBC Bank Canada and rebranded its former asset management arm.

The completion came after the federal government approved the deal, which is the largest in RBC’s history and has widespread commercial real estate ramifications for the bank, its clients and its partners. HSBC Canada’s branches and offices will open Monday as RBC locations.

With the friendly takeover completed, RBC has renamed HSBC’s former Canadian asset manager as RBC Indigo Asset Management. RBC also changed some fund name changes and capped funds as part of the rebranding effort.

“Through this combination, RBC is now exceptionally positioned as the bank of choice for commercial clients with international needs, newcomers to Canada and affluent clients who need global banking and wealth management capabilities,” Neil McLaughlin, head of personal and commercial banking, said in a news release.

Among the deal’s most notable aspects: A new global banking hub will be established in Vancouver, supporting 1,000 jobs and creating about 440 new positions, and RBC will maintain services at a minimum of 33 HSBC branches for the next four years. RBC will also provide $7 billion in financing for affordable housing projects.

In addition, RBC will waive fees for HSBC clients transferring mortgages to RBC, and provide additional retail lending support for the redevelopment of single-family homes into multi-family residential properties. RBC will also increase its client operations in Winnipeg and boost its workforce in the Manitoba capital by 10%.

The acquisition stemmed from London-based HSBC’s desire to exit the Canadian market. Most HSBC Canada branches are located in Vancouver and Toronto.

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