2 months ago • 1:35 min
HSBC announced on Tuesday that it’s selling its Canadian business to Royal Bank of Canada (RBC).
What does this mean?
Ping An Insurance Group, HSBC’s biggest shareholder, has a simple but unchanging goal: get the bank to separate its thriving Asian businesses from the western heirlooms gathering dust on the mantelpiece. The banking giant hasn’t given in so far – but it has been auctioning off western businesses all the same, including its US and French operations just last year. No one was particularly surprised on Tuesday, then, when HSBC announced it’s selling its Canadian unit to RBC for a smooth $10 billion in cash. For RBC, the deal means getting its mitts on a roster of busin