British banking giant HSBC announced in a statement on Tuesday the sale of its operations in Canada for 13.5 billion Canadian dollars, or 10.1 billion US dollars, to Royal Bank of Canada (RBC).
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"
We decided to sell following a thorough review, which assessed the business' relative position in the Canadian market and its strategic fit with HSBC's portfolio
," said HSBC Chief Executive Noel Quinn. , quoted in the press release, adding that the sale "
has significant added value
".