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    RY   CA7800871021

ROYAL BANK OF CANADA

(RY)
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Delayed Toronto Stock Exchange  -  10:49:07 2023-01-31 am EST
135.03 CAD   -0.03%
09:02aCanadian DB pension plans return -10.3% in 2022
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Royal Bank of Canada buys HSBC Bank Canada for GBP8 billion

11/30/2022 | 12:18pm EST

(Alliance News) - Royal Bank of Canada on Wednesday said it has entered an agreement to acquire HSBC Bank Canada, in a move to position itself as the bank of choice for globally connected clients.

The Toronto-headquartered bank is due to acquire 100% of the common shares of HSBC Bank Canada for an all-cash purchase price of CAD13.5 billion, around GBP8.36 billion. All of the bank's earnings from June 30 through close will accrue to RBC.

President and Chief Executive Officer of RBC, Dave McKay, said the purchase added a complementary business and client base to its pre-existing platform.

"This also positions us as the bank of choice for commercial clients with international needs, newcomers to Canada and affluent clients who need global banking and wealth management capabilities. It will help us better serve global clients looking to invest and grow in Canada," McKay said.

At September 30, HSBC Bank Canada had USD134 billion in assets, around 130 branches and 4,200 full-time equivalent employees.

In other news, Royal Bank of Canada on Wednesday also released its results for the financial year.

For the twelve months that ended October 31, the bank reported net income of CAD3.38 billion, up from CAD3.14 billion a year prior.

Meanwhile, diluted earnings per share stood at CAD9.61, versus CAD8.85 in the previous fiscal year.

The bank said that its "excellent performance in all of the business segments" was driven by revenue growth, which contributed to these increases even with the higher provisions for credit losses that were recorded to reflect a less favourable macroeconomic outlook in the second half of the year.

For the year, the bank reported income before provisions for credit losses and income taxes of CAD4.42 billion, a 10% year-over-year increase driven by revenue growth in all of the business segments.

Its CET1 ratio under Basel III was recorded at 12.7%, up from 12.4% the previous year, while its loan book stood at CAD206.74 billion, up 13% from CAD182.69 billion.

Royal Bank of Canada shares were trading 1.0% lower at CAD132.47 in Toronto on Wednesday.

By Holly Beveridge; hollybeveridge@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.17% 0.7482 Delayed Quote.1.78%
HSBC HOLDINGS PLC -0.91% 596.6 Delayed Quote.16.73%
ROYAL BANK OF CANADA -0.01% 135.03 Delayed Quote.6.10%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) -0.21% 1.3355 Delayed Quote.-1.74%
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Analyst Recommendations on ROYAL BANK OF CANADA
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Financials
Sales 2023 53 729 M 40 253 M 40 253 M
Net income 2023 15 836 M 11 864 M 11 864 M
Net Debt 2023 - - -
P/E ratio 2023 11,8x
Yield 2023 3,99%
Capitalization 187 B 140 B 140 B
Capi. / Sales 2023 3,48x
Capi. / Sales 2024 3,20x
Nbr of Employees 91 427
Free-Float 0,91%
Chart ROYAL BANK OF CANADA
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Technical analysis trends ROYAL BANK OF CANADA
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 135,07 CAD
Average target price 143,34 CAD
Spread / Average Target 6,12%
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Managers and Directors
David Ian McKay President, Chief Executive Officer & Director
Nadine Ahn Chief Financial Officer
Kathleen Taylor Chairman
Bruce Ross Group Head-Technology & Operations
Foteini Agrafioti Chief Science Officer
Sector and Competitors