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Tag: HSBC Bank

  • RBC earnings: A look at the bank’s Q2 financials – MoneySense

    RBC earnings: A look at the bank’s Q2 financials – MoneySense

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    The bank said Thursday it will now pay a quarterly dividend of $1.42 per share, an increase of four cents. It also said it plans to buy back up to 30 million of its shares. 

    The moves came as RBC said it earned $3.95 billion or $2.74 per diluted share for the quarter ended April 30, up from $3.68 billion or $2.60 per diluted share a year earlier, helped in part by record capital markets revenue.

    “This quarter, we saw strong growth across diversified revenue streams,” said chief executive Dave McKay on an earnings call.

    He said the bank’s capital generation means it has options ahead for growth, including potential acquisitions, even as the bank returns more money to shareholders.

    “This enormous capital that we are generating gives us significant strategic flexibility inorganically.”

    The bank also has a wide range of growth options within the bank now, including making the most of its $13.5-billion HSBC Canada acquisition.

    End of uncertainty for former HSBC employees

    The roughly 4,500 employees RBC took on with the acquisition are now free from the uncertainty around the deal, and the barriers it posed to bringing on clients, he said.

    “They’ve been on the defence for 18 months, and now we’re on the offence and you can see the excitement in their eyes to get back,” said McKay.

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    The Canadian Press

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  • RBC to convert HSBC locations as soon as takeover closes next week – MoneySense

    RBC to convert HSBC locations as soon as takeover closes next week – MoneySense

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    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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    The Canadian Press

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  • RBC’s takeover of HSBC: What will happen to HSBC Canada customers? – MoneySense

    RBC’s takeover of HSBC: What will happen to HSBC Canada customers? – MoneySense

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    Although the transition will be largely managed internally by RBC, current HSBC customers might have questions about what’s coming up in the next two months. In this article, we’ll walk you through what to expect. 

    What will happen to HSBC Canada customers? 

    During the transition, most changes will be automatic, so HSBC customers can continue to bank as they normally would. Customers should look in the mail for a product and services guide, called Welcome to RBC, and keep it around during the transition as it contains reference information and links. Below we’ve outlined what is expected to happen with HSBC accounts, loans and investments. 

    Personal banking

    What’s happening: RBC will identify suitable bank accounts for HSBC customers based on the features of their current accounts and will send new RBC debit cards in the mail. Customers without an HSBC chequing or savings account will receive an RBC client card number. Expect to receive your cards or client card number by the end of February 2024. 

    What to do: Continue to use your HSBC card until the transition to RBC is complete. In the meantime, use your new RBC card or client number to enroll in RBC online banking or the RBC app. You can activate your debit card online. This will ensure that you have access to your RBC accounts once the transition is complete.

    Note: Your historical account information will migrate to RBC but you can also download it from HSBC to have it on hand. For more information, refer to Section 2 of your welcome package.

    Credit cards 

    What’s happening: As with your personal bank accounts, RBC will identify which RBC credit cards to offer you based on the features of your current HSBC credit cards, and the bank will mail them to you by the end of March 2024. Your personal credit limits and balances will be the same as they were with HSBC. Any insurance coverages and services you had through HSBC, however, will come to an end and be replaced with those offered by RBC, if applicable. 

    What to do: Activate your credit cards online right away, but also carry your HSBC cards until your RBC cards are ready to use. Find out more about credit cards in Section 5 of the welcome guide or by visiting RBC’s website. 

    Mortgages and other loans

    What’s happening: All HSBC lending products, including lines of credit, loans and mortgages will migrate to RBC at the end of March 2024. The terms of your mortgage agreement, including the interest rate, term, payment amount and frequency, amortization, portability and pre-payment privileges will remain the same until your current term ends. 

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    Keph Senett

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