On November 29, 2022, The Royal Bank of Canada (RBC), Canada's largest bank by assets, completed the acquisition of HSBC Holdings Plc's Canadian unit in a significant $13.5 billion deal. This strategic move is set to expand RBC's branch network by around 130 locations.

For this transaction, RBC was advised by Blake, Cassels & Graydon in Canada, Allen & Overy in the UK, and Wachtell, Lipton, Rosen & Katz in the US. RBC Capital Markets also played a pivotal role as the lead and primary financial advisor.

HSBC's interests were represented by HSBC Global Banking and JPMorgan Cazenove, who served as financial advisors for the transaction.

Dave McKay, President and CEO of RBC, expressed that acquiring HSBC Canada aligns with RBC's strategic goals, allowing them to add a complementary business and client base in familiar markets. He emphasized the acquisition's potential to make RBC a leading choice for commercial clients with international needs, newcomers to Canada, and affluent individuals requiring global banking and wealth management services.

HSBC Group CEO Noel Quinn remarked on the transaction's strategic benefits for both parties. He noted that RBC is well-positioned to enhance the business and looked forward to a collaborative transition process. Quinn also mentioned that the deal aligns with HSBC Group's strategy and will enable them to invest in growing their core businesses and return capital to shareholders.