Royal Bank of Canada Signs Deal to Buy HSBC Canada for $13.5 Billion

The logo for HSBC Bank Canada is seen on King Street West in Toronto on May 24, 2016. The Canadian Press/Eduardo Lima

Royal Bank of Canada has signed a deal to acquire HSBC Bank Canada for $13.5 billion in cash.

RBC chief executive Dave McKay said the deal offers the opportunity to add a complementary business and client base.