RBC's $13.5-billion deal for HSBC Canada is said to win approval: Bloomberg sources

The Canadian government will approve Royal Bank of Canada’s landmark deal to acquire HSBC Holdings Plc’s Canadian operations.

Finance Minister Chrystia Freeland’s office is set to issue a statement allowing the deal, according to people familiar with the matter who asked not to be identified because they are not authorized to speak publicly about the decision.

Royal Bank struck the $13.5 billion agreement to buy HSBC Canada, the country’s seventh-largest bank, in November 2022.

The deal represents the largest-ever acquisition for Royal Bank, giving it the chance to expand its domestic operations with HSBC’s approximately 130 Canadian branches and $120 billion in assets, which includes wealth management, personal and commercial banking.