Canada on Thursday approved Royal Bank of Canada’s (RY.TO) C$13.5 billion dollars ($10.2 billion) acquisition of HSBC’s (HSBA.L) domestic unit, in a deal that would further tighten the country’s top lenders’ grip on the market.
The deal is conditional on RBC establishing a global banking hub in Vancouver, waiving fees associated with the transfer of mortgages from HSBC to RBC and protecting HSBC’s Canadian workforce.
Read More : Royal Bank of Canada Receives Approval for $10 Billion Purchase of HSBC Unit