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HSBC Bank Canada (french: Banque HSBC Canada), formerly the Hongkong Bank of Canada (HBC), is a Canadian chartered bank and the
Canadian Canadians (french: Canadiens) are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these connections exist and are collectively the source of ...
subsidiary of British multinational banking and financial services company
HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...
. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the largest foreign-owned bank in the country. The corporate headquarters are located at the
HSBC Canada Building The HSBC Canada building is a 23-storey office tower in the city's downtown core of Vancouver, British Columbia, Canada. The building's primary tenant is the headquarters of HSBC Bank Canada, the Canadian subsidiary of HSBC. The skyscraper, built ...
in the downtown core's
financial district A financial district is usually a central area in a city where financial services firms such as banks, insurance companies and other related finance corporations have their head offices. In major cities, financial districts are often home to s ...
of
Vancouver Vancouver ( ) is a major city in western Canada, located in the Lower Mainland region of British Columbia. As the List of cities in British Columbia, most populous city in the province, the 2021 Canadian census recorded 662,248 people in the ...
,
British Columbia British Columbia (commonly abbreviated as BC) is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains. It has a diverse geography, with rugged landscapes that include rocky coastlines, sandy beaches, ...
. HSBC Bank Canada's Institution Number (or
bank number In the United States, an ABA routing transit number (ABA RTN) is a nine-digit code printed on the bottom of checks to identify the financial institution on which it was drawn. The American Bankers Association (ABA) developed the system in 1910 ...
) is 016.


History

In 1979,
The Hongkong and Shanghai Banking Corporation The Hongkong and Shanghai Banking Corporation Limited (), commonly known as HSBC (), was the parent entity of the multinational HSBC banking group until 1991, and is now its Hong Kong-based Asia-Pacific subsidiary. The largest bank in Hong K ...
bought a Vancouver-based acceptance company that financed machinery and equipment for small companies operating in British Columbia. In 1981, The Hongkong and Shanghai Banking Corporation incorporated Hongkong Bank of Canada (HBC), in Vancouver as a chartered bank effective July 1, 1981, under the Bank Act of Canada using the acceptance company as a base for the new bank. HBC had a few retail branches primarily focused on Asian-Canadians whose primary business centred on commercial enterprises. HBC opened branches in major cities in western Canada and in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
and
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
but growth was slow. HBC sought to grow by acquisition, but the first three attempts to buy an existing institution were unsuccessful. HBC acquired the assets of
Bank of British Columbia There have been two British Columbian/Canadian banks with the name Bank of British Columbia. The first bank: 1862–1901 The first was established by Royal Charter in 1862, with its head office in London.Historical Essays on British Columbia'. M ...
on November 27, 1986, which had essentially failed. This acquisition gave HBC an additional $2.6 billion in assets and 41 branches in
British Columbia British Columbia (commonly abbreviated as BC) is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains. It has a diverse geography, with rugged landscapes that include rocky coastlines, sandy beaches, ...
and
Alberta Alberta ( ) is one of the thirteen provinces and territories of Canada. It is part of Western Canada and is one of the three prairie provinces. Alberta is bordered by British Columbia to the west, Saskatchewan to the east, the Northwest Ter ...
propelling it overnight from the 20th largest to 9th largest bank in Canada. On May 20, 1988, HBC amalgamated with
Midland Bank Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836. It ...
Canada, gaining many new corporate banking relationships, combined assets of $472 million, and expanding to Eastern Canada. It acquired
Lloyds Bank Canada Lloyds Bank Canada was a wholly owned Canadian subsidiary of Lloyds Bank Plc of the United Kingdom from 1986 to 1990. Its headquarters were in Toronto, and it had 53 branches throughout Canada. It functioned as a member of the Lloyds Bank Group, wh ...
on May 29, 1990, thereby adding another $4.4 billion in assets and 53 branches.
Lloyds Bank Lloyds Bank plc is a British retail banking, retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the "Big Four (banking), Big Four" clearing house (finance), clearing banks. Lloyds B ...
had acquired
Continental Bank of Canada The Continental Bank of Canada is a chartered bank in Canada founded in 2013. A different bank operated under that name in the early 1980s. First Continental Bank The first Continental Bank had its origins in 1925 when the Industrial Acceptance ...
in 1986. Continental Bank began in 1973 as Niagara Finance Company, later became IAC Limited, and then Continental Bank. By October 31, 1990, HBC's assets were $10.2 billion and its branch network had doubled with most of its newly acquired branches located in
Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...
and
Quebec Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirtee ...
. The acquisition of Lloyds also made the company Canada's largest foreign bank and a bilingual operation with branches in eight Quebec communities. On April 30, 1993, HBC acquired
ANZ ANZ may refer to: People * Anz (musician), a British DJ and electronic musician Banks * ANZ (bank), Australia and New Zealand Banking Group Limited, the fourth-largest bank in Australia ** ANZ Bank New Zealand, the largest bank in New Zealand ** ...
Canada consisting of one office in Toronto, which it combined with the existing HBC branch at 70 York Street. ANZ had acquired Grindlays Bank Canada with its 1984 acquisition of
Grindlays Bank The historic overseas bank was established in London in 1828 as Leslie & Grindlay, agents and bankers to the British army and business community in India. Banking operations expanded to include the Indian subcontinent, the Middle East and elemen ...
, but management sold the component to HBC to focus on expansion in the Asia-Pacific area. The purchase of ANZ made HBC the seventh largest bank in Canada with branches in every province except
Prince Edward Island Prince Edward Island (PEI; ) is one of the thirteen Provinces and territories of Canada, provinces and territories of Canada. It is the smallest province in terms of land area and population, but the most densely populated. The island has seve ...
. HBC acquired the single-office Metropolitan Trust Company of Canada on August 1, 1995. HBC acquired Barclays Bank Canada on August 31, 1996. Barclays had re-entered Canada in 1979 and developed a diversified but modest range of activities. In 1985, Barclays bought the assets of
Wells Fargo Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...
Bank (Canada), consisting of its operations in Alberta and Florida, so that Wells Fargo could re-focus on its home market. In 1993, Barclays Bank Canada closed its Edmonton branch and the following year, it closed six additional branches in Vancouver, Calgary, Winnipeg, London, Montreal and Halifax, retaining only its head office. Barclays' Canadian operations lost approximately $120-million between 1992 and 1996. In response to the growing north-south trade occasioned by the adoption of the 1994
North American Free Trade Agreement The North American Free Trade Agreement (NAFTA ; es, Tratado de Libre Comercio de América del Norte, TLCAN; french: Accord de libre-échange nord-américain, ALÉNA) was an agreement signed by Canada, Mexico, and the United States that crea ...
(NAFTA), HBC acquired the
Seattle Seattle ( ) is a seaport city on the West Coast of the United States. It is the seat of King County, Washington. With a 2020 population of 737,015, it is the largest city in both the state of Washington and the Pacific Northwest regio ...
,
Washington Washington commonly refers to: * Washington (state), United States * Washington, D.C., the capital of the United States ** A metonym for the federal government of the United States ** Washington metropolitan area, the metropolitan area centered o ...
and
Portland, Oregon Portland (, ) is a port city in the Pacific Northwest and the largest city in the U.S. state of Oregon. Situated at the confluence of the Willamette and Columbia rivers, Portland is the county seat of Multnomah County, the most populous co ...
branches of
Marine Midland Bank Marine Midland Bank was an American bank formerly headquartered in Buffalo, New York, with several hundred branches throughout the state of New York. In 1998, branches extended to Pennsylvania. It was acquired by HSBC in 1980, and changed its na ...
in 1996. This move into the United States seemed a natural expansion that followed the business interests of many of the bank's customers. HBC acquired
National Westminster Bank of Canada National Westminster Bank of Canada (french: Banque National Westminster du Canada), commonly known as NatWest Canada, was a wholly owned subsidiary of National Westminster Bank, a global integrated financial service group based in the United Kin ...
on May 1, 1998, which had assets of
Can$ The Canadian dollar (symbol: $; code: CAD; french: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $, there is no standard disambiguating form, but the abbreviation Can$ is often suggested by notable style ...
844.5 million.
NatWest National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom based in London, England. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, it ...
had entered Canada in 1982. On June 21, 1999, HBC changed its name to HSBC Bank Canada, consistent with the HSBC Group's strategy of creating the global brand, HSBC. On December 3 of that year, it acquired Prenor Trust Company of Canada. In 2000, HSBC Bank Canada acquired
Republic National Bank of New York Republic New York Corporation was the holding company for Republic National Bank of New York, Safra Republic Holdings, and Safra Republic Bank. The company was controlled by billionaire Edmond Safra, who was killed in a fire in his Monte Carlo ...
(Canada) after HSBC acquired the parent bank. Republic had entered Canada in 1982, and was an amalgamation of several banks. Republic's purchases included Bank Leumi Le Israel (Canada) in 1993; Israel-based
Bank Hapoalim Bank Hapoalim ( he, בנק הפועלים lit. ''The Workers' Bank'') is one of Israel's largest banks. History The bank was established in 1921 by the ''Histadrut'', the Israeli trade union congress (lit. "General Federation of Laborers in the ...
(Canada) in 1994; and
Israel Discount Bank Israel Discount Bank, Ltd. is a retail bank, commercial bank, private bank and financial services company headquartered in Tel Aviv with 112 branches throughout Israel. Discount Bank is a public company traded on the Tel Aviv Stock Exchange und ...
of Canada's in 1996. On April 1, 2001, HSBC Canada acquired CCF Canada after HSBC Holdings acquired CCF Canada's parent company,
Crédit Commercial de France The ''Crédit Commercial de France'' (CCF, "Commercial Credit ompanyof France") is a commercial bank in France, founded in 1894 as the ''Banque Suisse et Française'' and renamed to CCF in 1917. By the end of the 1920s, it had grown to be the six ...
(CCF). CCF had just acquired
Crédit Lyonnais The Crédit Lyonnais (, "Lyon Credit ompany) was a major French bank, created in 1863 and absorbed by former rival Crédit Agricole in 2003. Its head office was initially in Lyon but moved to Paris in 1882. In the early years of the 20th cent ...
Canada. Credit Commercial de France (Canada) had entered Canada in 1982 when it established an office in Montreal. Société Genérale (Canada) acquired it in 1990. CCF had returned to Canada in 2000. In 2002, HSBC Holdings merged its Canadian and US operations to create a North American transnational bank. HSBC Bank USA of New York, with assets of
US$ The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
87 billion, and HSBC Canada, with assets of Can$34 billion, share some operating resources but remain separate units. On June 1, 2004, HSBC Bank Canada completed its acquisition of Intesa Bank's Canadian unit, which had 11 branches and total assets of Can$1.1 billion. On September 20, 2011, HSBC Canada sold its full-service brokerage division, HSBC Securities (Canada) Inc., to National Bank Financial Group for Can$208 million. In June 2015, Sandra Stuart was named president and CEO becoming the first woman to head a Canadian chartered bank. In November 2022,
HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...
announced the exit of Canadian market.
Royal Bank of Canada Royal Bank of Canada (RBC; french: Banque royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000& ...
will acquire 100% of the common shares of HSBC Canada for an all-cash purchase price of $13.5 billion, which is a multiple of 9.4 times HSBC Canada's estimated 2024 earnings. Completion of the transaction is expected by late 2023, subject to regulatory approvals. HSBC has been under pressure to cut costs and divest non-Asian businesses.


Operations and corporate structure

Operating divisions of HSBC: * HSBC Investments (Canada) * HSBC Capital (Canada) * HSBC Trust Company (Canada) * HSBC Securities (Canada), which includes a discount brokerage division called
HSBC InvestDirect HSBC InvestDirect is the retail electronic trading platform by HSBC Securities, for DIY Investors. HSBC InvestDirect is intended for those who understand the loss of capital investment risks involved in trading in the capital markets, since no ...
* HSBC Insurance Agency (Canada)


Executives

* Linda Seymour, president and chief executive officer * Larry Tomei, executive vice president of retail banking and wealth management * Jason Henderson, executive vice president and managing director, head of global banking and markets * Gerhardt Samwell, chief financial officer * Sophia Tsui, chief risk officer * Supreet Warna, Chief Administrative Officer


Membership

HSBC Canada is a member of the
Canadian Bankers Association The Canadian Bankers Association (CBA; french: Association des banquiers canadiens) is a trade association and lobby group representing Canadian banks. Its over 60 members include Canada's Big Five banks, smaller domestic banks, and Canadian subs ...
(CBA) and registered member with the
Canada Deposit Insurance Corporation The Canada Deposit Insurance Corporation (CDIC; french: Société d'assurance-dépôts du Canada) is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and ...
(CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of: *
Interac Interac is a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions. Interac serves as the Canadian debit card system and the predominant funds transf ...
* MasterCard *
Cirrus Network Mastercard Cirrus is a worldwide interbank network that provides cash to Mastercard cardholders. As a subsidiary of Mastercard Inc., it connects all Mastercard credit, debit and prepaid cards, as well as ATM cards issued by various banks worldw ...
* The Exchange Effective March 15, 2010,
BMO Bank of Montreal The Bank of Montreal (BMO; french: Banque de Montréal, link=no) is a Canadian multinational investment bank and financial services company. The bank was founded in Montreal, Quebec, in 1817 as Montreal Bank; while its head office remains ...
ceased accepting deposits at its ATMs from HSBC customers and resumed charging a
convenience fee A fee is the price one pays as remuneration for rights or services. Fees usually allow for overhead, wages, costs, and markup. Traditionally, professionals in the United Kingdom (and previously the Republic of Ireland) receive a fee in contra ...
after five years of an ATM sharing agreement with HSBC Bank Canada. HSBC continues as a member of The Exchange Network. This was a decision HSBC took as part of a restructuring of its personal banking strategy. Instead, HSBC will rebate the convenience fee charged to its HSBC Premier qualified customers to a maximum of $2.00 per instance for using any ATM in Canada.


Sponsorships

*
Toronto Blue Jays The Toronto Blue Jays are a Canadian professional baseball team based in Toronto. The Blue Jays compete in Major League Baseball (MLB) as a member club of the American League (AL) East division. Since 1989, the team has played its home games ...
Baseball Club *
Vancouver Canucks The Vancouver Canucks are a professional ice hockey team based in Vancouver. They compete in the National Hockey League (NHL) as a member of the Pacific Division of the Western Conference, and play their home games at Rogers Arena. Bruce B ...
Hockey Club *
Calgary Flames The Calgary Flames are a professional ice hockey team based in Calgary. The Flames compete in the National Hockey League (NHL) as a member of the Pacific Division (NHL), Pacific Division in the Western Conference (NHL), Western Conference, and ...
Hockey Club * MMICC - McGill Management International Case Competition in
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
, QC *
Jetbridge A jet bridge (also termed jetway, jetwalk, airgate, gangway, aerobridge/airbridge, skybridge, finger, airtube, expedited suspended passenger entry system (E-SPES), or its official industry name passenger boarding bridge (PBB)) is an enclosed, ...
s at
Toronto Pearson International Airport Lester B. Pearson International Airport , commonly known as Toronto Pearson International Airport, is an international airport located in Mississauga, Ontario, Canada. It is the main airport serving Toronto, its metropolitan area, and the surro ...
,
Vancouver International Airport Vancouver International Airport is an international airport located on Sea Island in Richmond, British Columbia, serving the city of Vancouver and the Lower Mainland region. It is located from Downtown Vancouver. It is the second busiest ...
and
Calgary International Airport Calgary International Airport , branded as YYC Calgary International Airport, is an international airport that serves the city of Calgary, Alberta, Canada. It is located approximately northeast of downtown and covers an area of 20.82 squa ...


See also

*
List of banks and credit unions in Canada This is a list of banks in Canada, including chartered banks, credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks". The "Big Five" Canada's "big five" banks, ...


References


External links


Official siteHSBC site
{{DEFAULTSORT:Hsbc Bank Canada
Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...
Banks of Canada Banks established in 1981 1981 establishments in British Columbia Canadian subsidiaries of foreign companies Canadian brands Companies based in Vancouver