RBC says deal will help them provide more banking services for businesses with international needs.
Royal Bank of Canada has signed a deal to acquire HSBC Bank Canada.
RBC chief executive Dave McKay says the deal gives the bank a chance to provide more services to commercial clients with international needs.
Meanwhile, HSBC Group chief executive Noel Quinn says this is a good deal for both parties.
"Our group strategy is unchanged, and closing this transaction will free up additional capital to invest in growing our core businesses and to return to shareholders."
HSBC Canada has about 130 branches and 4,200 full-time staff members.
The deal, which cost $13.5 billion, is expected to close late next year.
The contract is subject to customary conditions, including regulatory approvals.
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