TORONTO, Jan. 15,
2024 /CNW/ - Royal Bank of Canada ("RY" on TSX and NYSE) ("RBC") today
announced that the targeted close date for the proposed acquisition
of HSBC Bank Canada will be Thursday, March
28, 2024, subject to the satisfaction of customary closing
conditions.
Conversion activities will begin once the transaction closes and
will continue until April 1, 2024.
HSBC Bank Canada's branches and offices will open for business on
Monday, April 1, 2024 as RBC
locations.
We look forward to welcoming HSBC Bank Canada employees and
adding value to the 780,000 HSBC Bank Canada clients, including
through international banking products and innovative digital
capabilities, as well as unlocking powerful benefits from RBC
Vantage, Avion Rewards, MyAdvisor, RBC PayEdge and access to the
largest network of branches and ATMs in Canada.
Over the coming weeks, HSBC Bank Canada clients will receive
information from RBC on what they can expect over the course of
that weekend, and what, if any, actions are required on their
part.
For more information on this transaction, visit:
https://www.rbc.com/hsbc-canada/.
About RBC
Royal Bank of Canada is a
global financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 94,000+ employees who leverage their imaginations and insights
to bring our vision, values and strategy to life so we can help our
clients thrive and communities prosper. As Canada's biggest bank and one of the largest
in the world, based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our more than 17 million clients in Canada, the U.S. and 27 other countries. Learn
more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
Caution regarding forward-looking statements
This press release contains forward-looking statements within
the meaning of certain securities laws, including the "safe
harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995 and any applicable Canadian
securities legislation, with respect to RBC's beliefs, plans,
expectations, and estimates. Forward-looking statements in this
press release may include, but are not limited to, statements with
respect to the expected closing of the proposed transaction, plans
for the combined operations of RBC and HSBC Bank Canada, our
strategies or future actions, and our objectives and commitments.
The forward-looking information contained in this press release is
presented for the purpose of assisting the holders of our
securities and financial analysts in understanding the proposed
transaction and may not be appropriate for other purposes. Forward
looking statements are typically identified by words such as
"believe", "expect", "suggest", "seek", "foresee", "forecast",
"schedule", "anticipate", "intend", "estimate", "goal", "commit",
"target", "objective", "plan", "outlook", "timeline" and "project"
and similar expressions of future or conditional verbs such as
"will", "may", "might", "should", "could", "can" or "would" or
negative or grammatical variations thereof.
By their very nature, forward-looking statements require us to
make assumptions and are subject to inherent risks and
uncertainties, both general and specific in nature, which give rise
to the possibility that our predictions, forecasts, projections,
expectations or conclusions will not prove to be accurate, that our
assumptions may not be correct, that our financial performance,
environmental & social or other objectives, vision and
strategic goals will not be achieved, and that our actual results
may differ materially from such predictions, forecasts,
projections, expectations or conclusions.
We caution readers not to place undue reliance on our
forward-looking statements as a number of risk factors could cause
our actual results to differ materially from the expectations
expressed in such forward-looking statements. These factors – many
of which are beyond our control and the effects of which can be
difficult to predict – include, but are not limited to: the
possibility that the proposed transaction does not close when
expected or at all because of the occurrence of any event, change
or other circumstances that could give rise to the right of one or
both of the parties to terminate the proposed transaction,
including because required approvals and/or other conditions to
closing are not received or satisfied on a timely basis or at all
or are received subject to adverse conditions or requirements; the
possibility that the anticipated benefits from the proposed
transaction, such as creating cross-sell opportunities and growing
our Canadian operations are not realized in the time frame
anticipated or at all as a result of changes in general economic
and market conditions, interest and exchange rates, monetary
policy, laws and regulations (including changes to capital
requirements) and their enforcement, and the degree of competition
in the geographic and business areas in which RBC and HSBC Bank
Canada currently operate; the risk that any announcements relating
to the proposed combination could have adverse effects on the
market price of our shares; the possibility that the business of
RBC and HSBC Bank Canada may not perform as expected or in a manner
consistent with historical performance; the ability to promptly and
effectively integrate HSBC Bank Canada; our ability to cross-sell
more products to customers; reputational risks and the reaction of
HSBC Bank Canada's customers and employees to the transaction; the
possibility that the transaction may be more expensive to complete
than anticipated, including as a result of unexpected factors or
events; diversion of management time on transaction-related issues;
material adverse changes in economic and industry conditions;
general competitive, economic, political and market conditions;
changes in asset quality and credit risk; the inability to sustain
revenue and earnings growth; inflation; customer borrowing,
repayment, investment and deposit practices; the impact, extent and
timing of technological changes; capital management activities; and
those other factors discussed in the risks sections of our annual
report for the fiscal year ended October 31,
2023 (the 2023 Annual Report), as such sections may be
updated by subsequent quarterly reports, all of which outline
certain key factors and risks that may affect our future results
and our ability to anticipate and successfully manage risks arising
from all of the foregoing factors.
We caution that the foregoing list of risk factors is not
exhaustive and other factors could also adversely affect our
results. When relying on our forward-looking statements to make
decisions with respect to us, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events, as well as the inherent uncertainty of
forward-looking statements. Material economic assumptions
underlying the forward-looking statements contained in this press
release are set out in the Economic, market and regulatory review
and outlook section and for each business segment under the
Strategic priorities and Outlook sections in our 2023 Annual
Report, as such sections may be updated by subsequent quarterly
reports.
Any forward-looking statements contained in this document
represent the views of RBC only as of the date hereof. Except as
required by law, RBC does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by us or on our behalf.
SOURCE Royal Bank of Canada