Mr. Dave McKay of Royal Bank reports

RBC COMPLETES ACQUISITION OF HSBC BANK CANADA

Royal Bank of Canada has completed the acquisition of HSBC Bank Canada.

"Today marks one of the most exciting times of our 155-year history and a pivotal milestone in our long-term growth story as we welcome 4,500 employees and 780,000 clients from HSBC Canada," said Dave McKay, president and chief executive officer, RBC. "This once-in-a-generation opportunity will show Canadians how our combined organization will deliver an enhanced banking experience, create better value for clients and strengthen our communities. I want to thank everyone involved in the monumental team effort to bring this deal to life, and I look forward to the possibilities this acquisition will deliver."

To support the acquisition, RBC announced a number of commitments in December, 2023, including commitments to create new Canadian jobs, continue to donate 1 per cent of net income before taxes to communities and finance the construction of new housing in Canada. In Vancouver, the bank will also build a new global banking hub over the next five years. This will be supported with over 1,000 jobs across multiple disciplines.

"RBC's acquisition of HSBC Canada expands the depth and breadth of our international banking capabilities and builds our ability to connect Canadians to the global economy," added Neil McLaughlin, group head, personal and commercial banking, RBC. "Through this combination, RBC is now exceptionally positioned as the bank of choice for commercial clients with international needs, newcomers to Canada, and affluent clients who need global banking and wealth management capabilities."

With the closing of the acquisition, conversion activities will begin. HSBC Canada's branches and offices will open for business on Monday, April 1, 2024, as RBC locations.

About Royal Bank of Canada

Royal Bank is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Its success comes from the 94,000-plus employees who leverage their imaginations and insights to bring its vision, values and strategy to life so it can help its clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, it has a diversified business model with a focus on innovation and providing exceptional experiences to its more than 17 million clients in Canada, the United States and 27 other countries.

It is proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities.

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