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

RBC Closes $13.5B Acquisition of HSBC Canada

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.

Photo:  Elena_Alex_Ferns /


Inside The Story

Dave McKayRoyal Bank of Canada

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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