LONDON (dpa-AFX) - Royal Bank of Canada (RY, RY.TO) or RBC said Thursday
that it has received an approval from the federal Minister of Finance to proceed
with the acquisition of HSBC Bank Canada.

Royal Bank of Canada said in November 2022 that it agreed to acquire 100 percent
of the common shares of HSBC Bank Canada, a premier Canadian personal and
commercial bank, for an all-cash purchase price of C$13.5 billion.

On Thursday, RBC announced significant investments across Canada and
particularly in British Columbia, where many HSBC Canada employees are located.

Over the next five years, RBC will build out a Global Banking Hub in Vancouver.
The hub will be supported with over 1,000 jobs across multiple disciplines
including those with technology skills in digital, data science, and cyber;
client-facing, multilingual advisors; fraud experts; risk managers; and client
credit adjudication experts.

RBC said it will increase its client operations and advice centre teams in
Winnipeg, Manitoba, leading to the creation of 100 new jobs.

RBC noted that it will provide C$7 billion in financing for the construction,
retrofitting and renovation of affordable housing and sustainable housing in
Canada, to be committed over five years.



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