RY - Keep More Of Canada's Financial Sector Under Canadian Ownership - Royal Bank Of Canada Cleared To Acquire HSBC's Domestic Arm | Benzinga
Royal Bank Of Canada (NYSE: RY) received approval to acquire HSBC Holdings, Plc. 's (NYSE: HSBC) domestic unit, keeping more of Canada's banking sector in Canadian hands.
The acquisition, which was proposed on 29th November last year, has a deal value of around C$13.5 billion ($10.2 billion).
HSBC Group's estimated pre-tax gain is $5.7 billion. The Canadian government has approved the acquisition.
HSBC said in an exchange filing that the transaction is expected to close in the first quarter of 2024.
The company is also planning to pay a special dividend of $0.21 per share as a priority use of the proceeds from this sale in the ...