RBC Announces Intention to Acquire HSBC Canada. This acquisition helps RBC, the largest bank in Canada with a market value of over $180B, continue expanding focus on international business clients.
RBC expects to benefit about $740-million of pre-tax cost savings annually. This deal, subject to regulatory and government approvals, will become the largest transaction ever recorded between two domestic banks in the country.
Earlier in June, RBC announced a partnership with Plaid to deliver Open Banking access for more than 14 million RBC digital clients. It will be interesting to see how RBC's acquisition of HSBC Canada will impact their Open Banking and Open Finance future plans.