March 29 Reuters HSBC Holdings said it completed the C13.5 billion 9.96 billion sale of its Canadian unit, HSBC Bank Canada, to Royal Bank of Canada RBC on Thursday.

The transaction will result in the recognition of an estimated gain of 4.9 billion in the first quarter of 2024, HSBC said in a statement on Friday.

RBC previously said the acquisition, which merges Canada39;s biggest and seventhbiggest lenders, will boost its domestic business as well as its position on the global stage.

HSBC Canada39;s branches and offices will open for business on Monday, April 1 as RBC locations, RBC said in a separate statement.

The merger, RBC39;s biggest, overcame opposition from environment and antimonopoly groups as well as conservatives, who lamented the increasing concentration of the industry and the possibility of higher fees for consumers.

Deals of this size in the banking sector have not been attempted in Canada since the early 1990s when RBC39;s bid for Bank of Montreal was blocked by regulators.

1 1.3551 Canadian dollars

Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Subhranshu Sahu and Sohini Goswami

Source Reuters