LONDON: HSBC has agreed to sell its Canadian division to Royal Bank of Canada for US$10.1 billion, the Asia-focused banking giant announced Tuesday. The large sale comes after UK-listed HSBC faced calls from biggest shareholder Ping An Insurance Group to cut costs and shift more resources to Asia.

HSBC added in a statement that it would use the funds to invest in its core business and return cash to investors.

“We decided to sell following a thorough review of the business... and concluded that there was a material value upside from selling,” said chief executive Noel Quinn.

The Canadian divestment is expected to be completed in late 2023.

“HSBC Canada offers the opportunity to add a complementary business and client base in the market we know best and where we can deliver strong returns and client value,” RBC president and CEO Dave McKay said in a separate statement.

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Rebirth Nov 30, 2022 11:37am
Asian banks are dumping the North American market and specifically, the low quality “Made in China” equivalents of Anglo-Saxon Americans. As they prepare for the Asian century, our preparations may be satisfying for some but we’re severely lagging behind. We are nowhere close to where we should be. We need to take drastic steps to survive in the neighbourhood. The first step would be to increase the tax base to include feudal lords and bring back the money that was supposed to have been spent on us. The right way to incentivize repatriation of capital is not through RDA interest payments. Those came out of our pockets too. That was a tragically stupid idea that should’ve never been entertained. Yet, not only was it heard, it even got implemented thanks to Punjabi casteism. A people who’ve never had a corporate culture and never paid a penny in taxes somehow decided to outdo Warren Buffett overnight. Get Satan’s deformed children to bring our money back and invest in the FWO and NLC.
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