TORONTO: Royal Bank of Canada announced that the targeted close date for the proposed acquisition of HSBC Bank Canada will be Thursday, March 28, 2024, subject to the satisfaction of customary closing conditions.

Conversion activities will begin once the transaction closes and will continue until April 1, 2024. HSBC Bank Canada’s branches and offices will open for business on Monday, April 1, 2024 as RBC locations.

“We look forward to welcoming HSBC Bank Canada employees and adding value to the 780,000 HSBC Bank Canada clients, including through international banking products and innovative digital capabilities, as well as unlocking powerful benefits from RBC Vantage, Avion Rewards, MyAdvisor, RBC PayEdge and access to the largest network of branches and ATMs in Canada,” a statement noted.

Over the coming weeks, HSBC Bank Canada clients will receive information from RBC on what they can expect over the course of that weekend, and what, if any, actions are required on their part.

HSBC to sell banking business in Canada to Royal Bank of Canada for $10.1 billion