The federal government gave Canada’s largest lender its Christmas gift a few days early:
According to news outlets, including Reuters, Royal Bank of Canada (RBC) promised Finance Minister Chrystia Freeland that it will:
- Establish a global banking hub in Vancouver and support more than 1,000 jobs
- Create approximately 440 net-new jobs in British Columbia
The multibillion-dollar deal for HSBC Canada, announced more than a year ago, has also received the thumbs up from the country’s Competition Bureau.
“I want to thank the Department of Finance, OSFI, and the Competition Bureau for their diligent work in reviewing this important acquisition,” Dave McKay, president and CEO of RBC, said in a news release on Dec. 21.
“Not only will this keep more of Canada’s financial sector under Canadian ownership, but it will also allow more Canadians to access the global economy by combining the strength and scale of RBC with the international banking capabilities and financial products that HSBC Canada is known for.”
On X, formerly Twitter, Freeland noted that Pierre Poilievre, leader of the Conservative Party of Canada, called for the acquisition to be blocked.
RBC claimed on its website that the transaction, which is still subject to customary closing conditions, is expected to be complete “by the end of March 2024.”
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