RBC spokesperson Christine Stewart stated in an electronic mail that the financial institution will start changing HSBC branches and workplaces on March 28, the identical day its $13.5-billion takeover deal will shut, if it clears customary situations.
Branches and workplaces being transformed into RBC places will reopen on April 1.
Stewart didn’t say whether or not any HSBC branches or workplaces could be completely closed.
The brick-and-mortar transformation that may take form at HSBC is among the earliest manifestations of the enlargement of RBC’s empire.
When did RBC buy HSBC?
RBC introduced plans to buy HSBC Financial institution Canada in November 2022. On the time, HSBC had about 800,000 purchasers, 130 branches, 4,200 workers and a pair of% market share.
It additionally counted $130 billion in belongings, making it the seventh largest financial institution within the nation.
Regardless of being a minor participant compared to among the bigger banks, specialists predicted the deal may have a destructive influence on shopper selection as a result of HSBC typically undercut its rivals on borrowing prices.
Different, bigger banks provided fastened and variable mortgage charges that had been 20 to 80-plus foundation factors larger than HSBC, mortgage strategist Robert McLister stated in December 2023.
