Dec. 6. 2022
A new front in the fight against climate change is emerging as Canada’s largest bank and top fossil fuel financier, RBC, plans to buy the Canadian arm of one of Europe’s top fossil fuel-financing banks, HSBC.
The proposed deal would see RBC buy HSBC Canada, a subsidiary of the London-headquartered bank HSBC, for $13.5 billion. If the deal goes through, it would mean adding $134 billion worth of assets to RBC’s books, along with more than 130 branches in Canada and over 4,000 employees.