The Daily Chase: RBC set to buy HSBC Canada; Suncor keeps Petro-Canada
BNN Bloomberg
Royal Bank of Canada is bulking up in a big way after striking a deal to buy HSBC’s Canadian operations, essentially snapping up the nation’s seventh-largest financial institution after it was put on the auction block earlier this fall.
SCOTIA KICKS OFF Q4 BANK EARNINGS WITH MIXED RESULTS
Sticking with financials, it was something of a mixed bag from Scotiabank as it kicked off the fourth-quarter earnings season for the big six. Adjusted earnings per share topped estimates in the quarter - $2.06 vs the expected $2.01 – but the bank missed on the top line amid an “uncertain and volatile” operating environment. Provisions for credit losses – basically, cash set aside to cover loans that could potentially sour – rose more than 200 per cent to $529 million in the quarter. Back to that beat for a moment, to close out on a high note – Scotia’s domestic retail banking business proved resilient in the quarter, with revenue rising 11 per cent to hit $3.13 billion.
MORE PROBLEMS FOR TC ENERGY’S COASTAL GASLINK
