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RBC RY-T is reopening HSBC Canada branches under its own brand on Monday after closing its takeover of the bank last week.

Ahead of the deal closing, RBC said it would also be shuttering 25 of HSBC Canada’s roughly 130 branches as part of its optimization of its branch network.

The $13.5-billion acquisition of what was Canada’s seventh-largest bank means RBC has taken on about 4,500 employees and 780,000 clients.

Chief executive Dave McKay says the takeover of HSBC Canada comes at an important time for better connecting Canadian businesses and investors to international markets.

He says RBC will be keeping important global banking capabilities in Canada while expanding them to all of the bank’s clients.

Critics of the takeover have said it will affect consumer choice and competition in Canada’s already concentrated banking sector.

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Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 23/04/24 4:00pm EDT.

SymbolName% changeLast
RY-T
Royal Bank of Canada
+0.35%136.41

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