Freeland approves RBC’s $13.5-billion takeover of HSBC Canada with conditions

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OTTAWA — Finance Minister Chrystia Freeland has approved RBC’s $13.5-billion takeover of HSBC Canada, despite calls from opposition politicians and other groups to block it over concerns of reduced competition.

Freeland’s approval was the last hurdle for the deal after the Competition Bureau approved it in September.

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The minister’s approval comes with conditions on RBC, including that none of HSBC Canada’s 4,000 employees be fired within six months of the closing date, or two years for front-line staff, and that banking services continue to be provided at a minimum of 33 HSBC branches for four years.