HSBC agrees mega $10bn sale of Canada unit to Royal Bank of Canada

HSBC has agreed to sell it business in Canada for CA$13.5bn (US$10.1bn) and is expected to be completed in late 2023, subject to regulatory and governmental approvals. In a statement on 30 November it said HSBC Group will generate an estimated pre-tax gain of c.US$5.7bn. It said the HSBC Board will consider opportunities for organic growth and investment and how much of the proceeds should be used for a one-off dividend and/or share buybacks (in addition to any existing share buyback programme) It further said it continue to target a return on average tangible equity of at least 12...