Our transition to Royal Bank of Canada

The sale of HSBC Bank Canada and its subsidiaries to Royal Bank of Canada was approved by the Minister of Finance on 21 December 2023 and is expected to close, subject to customary closing conditions, on 28 March 2024. Conversion activities will begin once the transaction closes. HSBC Bank Canada’s branches and offices will open for business on Monday, 1 April 2024 as RBC locations.

What to expect

Want to know what to expect over the coming months? Visit www.rbc.com/hsbc-canada to learn more.

Frequently asked questions

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Personal

For now, nothing changes – you can continue to deal with your existing relationship manager or HSBC representative. RBC plans to preserve your relationships with your existing relationship managers. If you already have a relationship with both HSBC Bank Canada and RBC, we will work with you and be guided by your needs.


For now, and until we migrate to RBC, you can continue to bank with us as usual. If any changes will be made to specific HSBC products during the transition, we will contact you.


There is work underway for you to be able to view your accounts globally as you do today. More details will be available in the coming months.


For now, and until we migrate to RBC, you can continue to bank with us as you usually do. If any changes will be made to specific HSBC products during the transition, we will contact you.


For now, and until we migrate to RBC you can continue to bank and invest with us as you usually do.

As the transition progresses, we’ll communicate any changes that affect how you bank with us with as much notice as possible.


For now, and until we migrate to RBC, you can continue to bank and invest with us as you usually do. As the transition progresses, we’ll communicate any changes that affect how you bank with us with as much notice as possible.


For now, and until we migrate to RBC, you can continue to bank and invest with us as usual.

As the transition progresses, we’ll communicate any changes that affect how we service your investments. We’ll provide you as much notice as possible.


RBC have shared that you can expect similar high-quality service and value that you received at HSBC Canada, including access to a broad range of investing solutions including global diversification options.

As the transition progresses, we’ll provide you with as much notice as possible about any changes that affect how we service your investments.


Maintaining the service and value you have experienced with HSBC Canada is important, and RBC plans to preserve your relationships with existing Investment Counsellors. We will ensure your investment portfolios are seamlessly transitioned, and active management continues at all times.

As the transition progresses, we’ll provide you with as much notice as possible about any changes that affect how we service your investments.


For now, and until we migrate to RBC, you can continue to bank and invest with HSBC as you usually do.

RBC offers Private Banking and Wealth Management services for high-net-worth clients.

As the transition progresses, we’ll communicate any changes that affect how we service your investments. We’ll provide you as much notice as possible.


Small Business

Maintaining the service and value you have experienced with HSBC Bank Canada is important, and we plan to preserve your relationships with your existing advisors.


Ensuring a smooth transition from HSBC Bank Canada to RBC is our top priority. We are committed to providing a positive experience so you can focus on managing your business.

Throughout this transition, the products and services offered to you will be guided by the best of HSBC Bank Canada and the best of RBC, giving you access to solutions to help you achieve both your business and personal success. These solutions include trade finance, virtual accounts, liquidity management and global cash management solutions coupled with RBC’s strong capital position and payment, data and advisory capabilities.


Total Relationship Balance (TRB) is HSBC Bank Canada’s way of calculating a customer’s total deposits for the purpose of qualifying for certain fee waivers. RBC does not use the concept of TRB, and has their own criteria for fee waivers. TRB is not available at RBC.


Corporate and Institutional

Most wholesale products HSBC Bank Canada offers are offered by RBC, and they are working on building other key product capabilities.

After the proposed sale closes, your accounts, services and deposits in Canada will be transferred to RBC. Prior to that, clients will receive specific information on RBC’s products and services, as well as information on how their products will be transitioned.

However, RBC needs to develop/enhance some products to align with HSBC’s current products. As a result, impacted clients will continue to utilize HSBC’s systems for an extended period after their migration to RBC. If your business is affected by this, your relationship manager will contact you to explain in more detail.

Please refer to rbc.com/hsbc-canada for the most up-to-date information.


In Canada
RBC has advised they plan to preserve your relationships with your existing advisors in Canada. In cases where you already have relationships with both HSBC Bank Canada and RBC, RBC will work with you and be guided by your needs.

Outside Canada
Up to the transaction close date, your existing Global Banking global relationship banker (GRB) or Commercial Banking global relationship manager (GRM) in Canada remains responsible for the delivery of your HSBC products and services across our global network.

Before the transaction close date, we will advise you of your new GRB or GRM (if applicable) and the new home of your Global HSBCnet profile (if applicable) and make the necessary introductions at the appropriate time.


Once your company is fully migrated from HSBC systems, you will be set-up with RBC digital banking and no longer have access to HSBCnet in Canada.

You will be notified to authenticate your HSBCnet users on RBC’s online banking platform.

User information, payment templates, beneficiaries and bill payees will be automatically set up on the RBC online platform prior to the migration.

More information on functionality (including account reporting, payments etc.) and training will be provided to you well ahead of time, so you understand what to expect and what you need to do.


We will provide you with any information, instructions and training you need well ahead of time.

Until that time, we encourage you to review your contact information, HSBCnet profiles, configuration, payment templates and administrators and make any changes to your accounts, products and services as soon as possible so this information can be migrated over.

We will endeavour to provide you with any new or updated disclosures at least 60 days in advance of any changes impacting how your existing products will operate under RBC.


No – you should not move your accounts over in anticipation of closing the transaction.

HSBC is working (with your relationship manager’s support) to make the transition as simple as possible.

HSBC will be able to transfer the majority of client requirements, configurations, KYC, credit arrangements etc. to RBC – which means clients won’t have to.

Waiting for the migration will allow you to avoid the cost and effort of switching banks (i.e. no need to set up lending arrangements, redo AML, KYC checks etc.).


Outside of Canada, HSBC’s long-term strategy remains the same.

However, HSBC will fully exit the Canadian financial services industry upon closure of the proposed sale.

We will ensure any impact and options are clearly communicated to you and will support you in any changes you wish to make.


For now, you don’t need to take any action. We will work closely with RBC during the transition period to ensure any post-migration impacts and options are clearly communicated to you, and to support you in any changes you wish to make.


RBC has advised that they plan to preserve your relationship with your existing client service manager in Canada.

Any post-migration impacts and options will be communicated to you.


We recognize you have a lot of questions about the impact the transition will have and what you’ll need to do. As information becomes available, we will provide it and any instructions or training well ahead of time, so you understand what to expect and what you need to do.

We encourage you to visit rbc.com/hsbc-canada to get the most up-to-date information available.

If you have additional questions/concerns, please reach out to your HSBC Bank Canada relationship manager or HSBC Global Asset Management client service manager.

We will endeavour to provide you with any new or updated disclosures at least 60 days in advance of any changes impacting how your existing products will operate under RBC.



Last updated: 16 January 2024

To our clients

Open letters to clients from Linda Seymour, President and CEO, HSBC Bank Canada.

News releases

Releases related to the sale of HSBC Bank Canada to RBC.

Want to know more about the sale?

If you can’t find your answers here:


Questions about your current banking?

Speak with your Relationship Manager* or visit Contact Us for more options


We’ll be in touch

We’ll contact you in the coming months with further updates, and instructions.

Remember: Unless you contacted us first, neither HSBC nor RBC will ever ask for your banking information by email, text or phone.

Visit our Fraud Prevention section for more on keeping your information secure.


*Relationship Manager contacts

Relationship Managers include: Mutual Fund Representatives at HSBC Investment Funds Canada Inc. and Investment Counsellors at HSBC Private Investment Counsel.