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RBC faces challenge retaining HSBC Canada business clients before takeover deal closes

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Headhunters, rival lenders say Canada’s five big banks that missed out on the HSBC sale are expected to go after its clients, employees

head of personal and commercial banking Neil McLaughlin said the sales process revealed that HSBC Canada’s mortgage holders tend to be wealthier than RBC’s clients. He said RBC also found out 90 per cent of HSBC Canada’s customer relationship managers have been with the bank for five years or more, building deep ties with the bank’s 770,000 clients.

RBC places at or near the top of any ranking of Canadian banks, a cachet that some experts predict will entice many HSBC Canada employees and customers to wait patiently for the takeover to close. The two banks are also expected to roll out retention plans. Mr. Dean said: “Moving to RBC is a clear upgrade for anybody on the HSBC platform … I think RBC will be quite successful in retaining broad swaths of talent.

Rival banks are expected to lure HSBC Canada employees with signing bonuses, and land corporate clients by reducing fees and cutting interest rates on loans. One investment banker, whose employer bid on HSBC Canada, said his division calculates it can spend roughly $15-million to win over HSBC Canada employees and corporate customers and anticipates earning an additional $70-million of annual profit.

 

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HSBC agrees to sell its business in Canada to RBC for $13.5-billionThe transaction is expected to complete in late 2023 and will result in a pre-tax gain of $5.7-billion for HSBC, the bank said in a statement How to make HSBC go bankrupt? Let RBC run it into the ground like they do to their own bank. I handle alot of credit cards and debit cards in a day. Almost never any of them are RBC. Scotia, CIBC, TD and Desjardin cards all day. I officially left RBC as they aren't able to offer the minimum professional service and when they do...its always wrong and not what i asked for. Happened multiple times to multiple family members also with RBC. Financial power but a lot to go on 🤯
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