Ottawa approves $13.5B HSBC sale to RBC

HSBC says it expects the sale of its Canadian operations to RBC to officially close in the first quarter of 2024. Finance Minister Chrystia Freeland's approval comes with conditions on RBC, including that none of HSBC Canada's 4,000 employees can be fired within six months of the closing date or two years for front-line staff, and banking services must continue to be provided at a minimum of 33 HSBC branches for four years.

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