Royal Bank of Canada is set to convert the HSBC Bank Canada properties into RBC locations immediately after finalizing the takeover deal. The $13.5-billion acquisition deal is expected to close on March 28, with the branches and offices being reopened as RBC locations on April 1.
Christine Stewart, spokesperson for RBC, confirmed the bank’s plans for the conversion, indicating that the process will commence on the same day the takeover deal is closed, subject to customary conditions.
Prior to the conversion, HSBC informed its customers that their products, services, and balances would be automatically transferred to similar offerings and accounts at RBC. Additionally, HSBC customers were advised that they would receive new RBC credit cards in March and that their historical banking and credit card statements and documents would be migrated to RBC accounts. Customers were encouraged to download investment documents, as they may not be available online after the migration.
The acquisition of HSBC Bank Canada was announced by RBC in November 2022, when HSBC operated approximately 130 branches and employed 4,200 individuals.
