Linklaters advises HSBC on the sale of its Canadian banking business to Royal Bank of Canada

Linklaters has advised HSBC on the sale of its banking business in Canada (HSBC Canada) to Royal Bank of Canada (RBC). RBC will acquire 100% of the issued common equity of HSBC Canada for a base cash consideration of CA$13.5bn. In addition, RBC will acquire all the preferred shares and the outstanding subordinated debt issued by HSBC Canada and held by the HSBC Group for approximately CA$1.1bn and CA$1.0bn, respectively. The Transaction is expected to complete in late 2023.

Linklaters’ has market leading expertise when it comes to large-scale M&A transactions, especially in the banking sector. The team advising HSBC was led by partner Derek Tong, alongside managing associates Katharine Collard and Matthew Halliday and associates Nick Chung, Eleanor Keighley Elstub and Tom Brennan (all corporate, London). Stikeman Elliott acted as Canadian counsel to HSBC.