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TORONTO — RBC is reopening HSBC sa¹ú¼Ê´«Ã½ branches under its own brand on Monday after closing its takeover of the bank last week.

Ahead of the deal closing, RBC said it would also be shuttering 25 of HSBC sa¹ú¼Ê´«Ã½'s roughly 130 branches as part of its optimization of its branch network.

The $13.5-billion acquisition of what was sa¹ú¼Ê´«Ã½'s seventh-largest bank means RBC has taken on about 4,500 employees and 780,000 clients.

Chief executive Dave McKay says the takeover of HSBC sa¹ú¼Ê´«Ã½ comes at an important time for better connecting Canadian businesses and investors to international markets. 

He says RBC will be keeping important global banking capabilities in sa¹ú¼Ê´«Ã½ while expanding them to all of the bank's clients.

Critics of the takeover have said it will affect consumer choice and competition in sa¹ú¼Ê´«Ã½'s already concentrated banking sector. 

This report by The Canadian Press was first published April 1, 2024.

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The Canadian Press