RBC To Acquire HSBC Canada In Massive Deal – What We Know So Far

I'm a travel buff and was very content with the HSBC World Elite Mastercard for my travel and foreign purchase expenses, the latter feature which RBC sorely lacks in any of their currently offered credit cards (RBC still does not have a credit card that offers no fx fees as of May 2023). As HSBC and RBC both indicated the HSBC brand will be discontinued and all existing customers migrated to the RBC brand umbrella, it might be high time to consider doing research on a new CC for travel needs. But sadly, I'll find it hard to match the competitiveness of that card's accelerated reward earning rates (3x points on travel purchases, 2x on grocery, gas, and drugs) combined with the $100 annual travel credit, comprehensive travel insurance, mobile device insurance, and the no fx fee that HSBC WE MC will ever have in any RBC CC product, let alone any of the credit cards offered by the big six banks. Scotiabank's AMEX cards and Cobalt have some of those quality earning rates, insurances, and No FX fees that I find as attractive alternatives to the HSBC WE MC, but the cards being AMEX also means having to prepare risking its lack of acceptance compared to VISA/MC, especially in some grocery/pharmacies in Europe and Asia for everyday purchases (AMEX acceptance outside of NA tends to lean more toward upscale, luxury retailers while near-virtually everyone accepts VISA or MC). I know given RBC's stance to not continue the HSBC brand once the regulatory approval is passed and the final nail shuts the HSBC coffin, I do hope RBC can continue the card, and/or most of its benefits, even if it is branded RBC and points are now converted to Avion.

I hate both HSBC and RBC, they are run by morons and deserve to be sued out of business.

RBC wont keep the HSBC branding, offering, and products alive any longer than they need to. When they bought Ally a few years ago, they couldnt wait to slash their savings account rates, then shut down all the accounts a few weeks later.

There is pretty much no chance that RBC licenses the HSBC brand to keep it operating in Canada. I cant see why either party would want that. RBC will probably fold HSBC operations under their current branding, and they might come up with their own version of Premier and Advance. Maybe they'll reach some kind of deal to keep clients' access to HSBC services in places like the UK.

It makes me wonder what HSBC knows that RBC doesn’t???? Why would you sell at a bargain basement price if HSBC has the assets this article states???? I would be very nervous and exit both these company’s. When it’s too good to be true!!!!!!!!!!!!

HSBC reliably has better Mortgage rates than the big Six, often best of all banks, and has been for over a decade. RBC reliably is amongst the worst of the banks. This is bad for the consumer for this fact alone. They also have a better credit card offering, other than the startling lack of support for Google Pay. So I don't expect the public to be well-served by this transaction.

I've never really gotten a good vibe from them but after hearing about their unethical practice, I don't trust them at all.

RBC snuck a monthly credit card insurance fee w/o the cardholders' knowing 1.5 years ago. When this went public, it had to backpay all the unapproved fees.

Hoping this deal will not be approved. HSBC has unique offer which keeping the banking cost low for many. This acquisition is not bringing benefit to consumer.

I hope they block this. HSBC is generally a lower cost bank and helps keep prices reasonable in canada and this merger will provide less competition and be bad for all Canadians.