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HSBC to sell Canada business to RBC for $10 billion, says report

The sale comes as HSBC pursues a strategy of focusing its resources on its core markets, amid pressure from its biggest shareholder Ping An to improve its performance

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HSBC's shares were up 4% following the announcement, against a benchmark FTSE 100 index up 0.7%.

Reuters
HSBC has agreed to sell its business in Canada to Royal Bank of Canada for $13.5 billion Canadian dollars ($10.04 billion) in cash.
 
The sale comes as HSBC pursues a strategy of focusing its resources on its core markets, amid pressure from its biggest shareholder Ping An to improve its performance.
 
Chinese insurance company Ping An Insurance Group has been pushing HSBC to split off its Asian business to boost returns.
"We decided to sell following a thorough review of the business, which assessed its relative market position within the Canadian market and its strategic fit within the HSBC portfolio," Chief

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First Published: Nov 30 2022 | 12:26 AM IST

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