HSBC has agreed to sell its business in Canada to Royal Bank of Canada for C$13.5 billion ($10 billion) in cash, paving the way for a potential bumper payout for shareholders later down the line.
for C$13.5 billion in cash, paving the way for a potential bumper payout for shareholders later down the line.
HSBC's disposals have accelerated amid pressure from its biggest shareholder Ping An Insurance Group , which has urged the bank to split off its Asian business to boost returns. "The transaction looks very sensible. In essence, the business is worth more to RBC than it is to HSBC, and the price reflects this," said Ian Gordon, banking analyst at Investec.
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