RBC spokesperson Christine Stewart said in an email that the bank will begin converting HSBC branches and offices on March 28, the same day its $13.5-billion takeover deal will close, if it clears customary conditions.
Branches and offices being converted into RBC locations will reopen on April 1.
Stewart did not say whether any HSBC branches or offices would be permanently closed.
The brick-and-mortar transformation that will take shape at HSBC is one of the earliest manifestations of the expansion of RBC’s empire.
When did RBC purchase HSBC?
RBC announced plans to purchase HSBC Bank Canada in November 2022. At the time, HSBC had about 800,000 clients, 130 branches, 4,200 employees and 2% market share.
It also counted $130 billion in assets, making it the seventh largest bank in the country.
Despite being a minor player in comparison to some of the larger banks, experts predicted the deal could have a negative impact on consumer choice because HSBC often undercut its rivals on borrowing costs.
Other, larger banks offered fixed and variable mortgage rates that were 20 to 80-plus basis points higher than HSBC, mortgage strategist Robert McLister said in December 2023.
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