RBC pays $13.5 billion to HSBC Canada

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Mes Cheryl Satin, Renée Tousignant, Alexis Levine, Danielle Butler, Michael Gans and Daniel Kofman. Source: Blake’s

RBC adds $134 billion to its assets by buying HSBC Canada for $13.5 billion.

At this price, RBC achète l’ensemble des shares ordinaires de HSBC Canada.

La Banque Royale entend ainsi reinforcer ses activités canadiennes de premier ordre. HSBC Canada has 4,200 employees and 130 branches au pays. The commercial clientele is made up of international customers. The entity dedicated to the management of inheritance and banking services for individuals serves a convenient and international clientele.

RBC expects to achieve cost synergies of $740 million from HSBC by 2024, hors intérêts. L’acquéreur estime à un milliard de dollars les cost d’acquisition et d’intégration qu’il s’apprête à engager.

The closure of the operation is planned for the end of the year 2023, sous Réserve des conditions de clotures usuelles, dont l’obtention des approbations des Authorities de Regulation.

Pour mener à bien cette transaction, la RBC was advised by une équipe d’avocats de Blakes Menée par Cheryl Satin (droit des affaires, Fusions et acquisitions), et composée de Tamara Nachmani, Hani Migally, Michael Elder, Jory Binder, Rebecca Hastings (droit des affaires, Mergers and acquisitions); Brian Facey, Micah Wood, Elder Marques, Julia Potter, Cullen Schreiter, Joe McGrade (competition); Paul Belanger, Vladimir Shatiryan (services financiers, regulations); Michael Gans, Tim Phillips (valeurs mobilières); Holly Reid, Alyssa Sharma (occupation); Jeff Sommers, Philipp Knoll (retraites et avantages sociaux); Jeffrey Shafer, Zvi Halpern-Shavim (taxation); Alexis Levine, Danielle Butler (financial services); Daniel Kofman, Rachel Lehman (property); Robert Percival, Renée Tousignant (technologies de l’information); Christopher Hunter, Ankita Kapur (intellectual property); Andrea Laing, Eric Leinveer (lawsuits); Wendy Mee (confidentiality).

Read the cabinets Allen & Overy et Wachtell, Lipton, Rosen & Katz on aussi conseille RBC. The team of Wachtell, Lipton, Rosen & Katz was made up of Edward Herlihy, Jacob Kling, Eric Feinstein you do not Richard Kim.

HSBC, in turn, was advised by Linklater’s cabinet with a team based in London and Menée par. Derek Tonget composée de Katharine Collard, Matthew Halliday, Eleanor Keighley Elstub, Nick Chung you do not Tom Brennan.

HSBC se départit de sa branche Canadienne afin d’amelioreur sa rentatité. The divestiture was pushed by the bank’s main shareholders, including the Chinese group Ping An Insurance Group, reporte le Global Legal Post. HSBC understands Désormai’s privileges sa croissance sur d’autres marchés.

“This acquisition allows us to take advantage of our core Canadian operations in the retail sector and expand our international product offering,” commented Neil McLaughlin, group president, Services bancaires aux particuliers et aux entreprises de RBC, in a press release. « Nous avons hâte d’accueillir les employés talenteux de la HSBC Canada après la Cloture de l’operation et de les soutiner dans Leur travail. Thanks to a strong harmonization of culture and risk and a shared vision focused on customer service, we can together emphasize HSBC Canada’s leading international products. »

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