RBC spokesperson Christine Stewart says the bank will begin converting HSBC branches and offices on March 28, the same day its $13.5-billion takeover deal will close, if it clears customary conditions.In advance of the conversion, HSBC told its customers their products, services and balances would be automatically migrated over to similar offerings and accounts from RBC.
HSBC customers were also told they will receive new RBC credit cards in March and see their historical banking and credit card statements and documents migrated to RBC accounts. They were encouraged to download investment documents, which they were told may not be available online after the migration.
RBC announced plans to purchase HSBC Bank Canada in November 2022. At the time, HSBC had about 130 branches and 4,200 employees.The Canadian Press
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