HSBC to Sell Canadian Unit to RBC

HSBC agreed to sell its Canadian operations to Royal Bank of Canada for $10.1 billion in cash according to a story in The Wall Street Journal. HSBC said its Canadian operations run more than 130 branches, serve more than 780,000 customers and are healthy and profitable. But HSBC said the unit has a comparatively small share of the Canadian market and doesn’t fit into the banking giant’s plan to focus more on financing global trade and to serve households and businesses in Asia, parts of Europe and the Middle East. The deal needs regulatory approval and is expected to close in late 2023, HSBC said.