Jakarta, CNBC Indonesia – The first British bank, HSBC, has decided to sell its division in Canada to Royal Bank of Canada (RBC). This is to focus the giant bank’s expansion in Asia.
In its announcement on Tuesday (29/11/2022), HSBC will sell its Canadian branch for US$10.1 billion or the equivalent of Rs 158 trillion. The sale came after HSBC faced calls from its biggest shareholder, Ping An Insurance, to cut costs and shift more resources to Asia.
Meanwhile, RBC CEO Dave McKay said the deal positions the firm as the bank of choice for business customers with international needs, newcomers to Canada and high-end customers who need a global banking network and wealth management capabilities.
HSBC Canada has approximately 130 branches and 4,200 permanent equivalent employees. RBC said it would enter into this purchase agreement by the end of 2023 subject to terms and conditions, including regulatory approvals.
“Under the agreement, all of HSBC Canada’s revenue from June 30, 2022 through the closing of the agreement will belong to RBC,” the media reported. Recordings.
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