The Department of Finance gave the acquisition its stamp of approval Thursday, requiring RBC to establish a new global banking hub in Vancouver, increase its workforce in Winnipeg and provide billions in financing for affordable housing, among other conditions. Bloomberg first reported the news. (The Logic, Bloomberg)

Talking point: The acquisition is the largest in RBC’s history. With HSBC’s $120 billion in assets, RBC would significantly expand its domestic footprint. The Competition Bureau approved the acquisition in September. Conservative Leader Pierre Poilievre opposed the deal, as did consumer advocates who argued that HSBC contributed to competition in mortgage rates, and environmental activists who preferred HSBC’s policies on fossil-fuel investments to RBC’s. By approving the transaction, Finance Minister Chyristia Freeland is departing from the approach of her predecessor Paul Martin, who used his power under the Bank Act to stop RBC and BMO, and then CIBC and TD, from combining.