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RBC's efficiency plus HSBC's reach makes this acquisition a win: Analyst

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David Trainer, founder and CEO of New Constructs, joins BNN Bloomberg to discuss the sale of HSBC's Canada unit to Royal Bank of Canada. Trainer says that this is a great way for RBC to consolidate its power in the Canadian market, and that he believes the bank is going to continue to show strong performance.

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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 🤯
Source: globeandmail - 🏆 5. / 92 Read more »

Evening Update: RBC to buy HSBC’s Canadian business in landmark banking dealAlso in the news today, an Ontario court has struck down Bill 124, which limited annual wage increases for provincial public-sector workers at 1 per cent Dirty Chinese money. Haven't we seen the downside of consolidation in our key industries enough? CompBureau needs to really step in here.
Source: globeandmail - 🏆 5. / 92 Read more »