Finance Minister Freeland’s approval came with a number of conditions. — Bloomberg
The Canadian government approved Royal Bank of Canada’s (RBC) landmark deal to acquire HSBC Holdings Plc’s Canadian operations, handing a major regulatory win to one of North America’s largest financial institutions.
Finance Minister Chrystia Freeland’s office issued a statement late Thursday allowing the deal, confirming an earlier report by Bloomberg News. Her blessing came with a number of conditions, which include job protections, keeping at least 33 of HSBC’s branches, transition plans for existing clients and a commitment to offer billions in financing for affordable housing.
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