Royal Bank of Canada received approval to proceed with its acquisition of HSBC Bank Canada from Canada’s federal Minister of Finance.

“I want to thank the Department of Finance, OSFI and the Competition Bureau for their diligent work in reviewing this important acquisition,” Dave McKay, president and CEO of Royal Bank of Canada, said. “The acquisition of HSBC Canada is good for the country and Canadians. Not only will this keep more of Canada’s financial sector under Canadian ownership, but it will also allow more Canadians to access the global economy by combining the strength and scale of RBC with the international banking capabilities and financial products that HSBC Canada is known for.”

With this approval received, Royal Bank of Canada and HSBC Canada will work together to facilitate a smooth transition to Royal Bank of Canada for HSBC Canada’s clients and employees, who will receive further information in the coming days regarding what they can expect as both banks work toward completing the transaction.

“By bringing the capabilities, international connections and exceptional talent of HSBC Canada to RBC, we are creating an enhanced banking experience for our clients, which includes new international products and innovative digital capabilities to help them achieve their financial goals,” Neil McLaughlin, group head of personal and commercial banking at Royal Bank of Canada, said. “At the same time, HSBC Canada clients will gain access to RBC’s award-winning personal, commercial, wealth and capital markets offerings, while continuing to enjoy a wide range of international banking services.”