The bank will take over 100 per cent of HSBC Canada’s common equity under the all-cash agreement. RBC will also assume all preferred debt issued and held by the company, at $1.1 billion and $1 billion, respectively. (The Logic) 

Talking point: The acquisition is the largest ever within Canada’s domestic banking sector, and puts RBC on course to deepen its position as the country’s largest bank by net revenue. HSBC Canada is a unit of London-based giant HSBC Holdings, one of Europe’s largest lenders. While other Canadian lenders have pursued major acquisitions of foreign banks in recent years, the RBC-HSBC deal would intensify concentration within the domestic banking industry, potentially drawing scrutiny from regulators. RBC’s proposed deal, which is still subject to customary regulatory and government approvals, comes as the Competition Bureau has sought to block a $26-billion megamerger between telecom providers Rogers and Shaw.