BRIEF-HSBC To Sell Its Business In Canada To Royal Bank Of Canada For C$13.5 Billion

BY Reuters | ECONOMIC | 11/29/22 06:38 AM EST

Nov 29 (Reuters) - HSBC Holdings PLC (HSBC):

* HSBC AGREES TO SELL ITS BUSINESS IN CANADA TO ROYAL BANK OF CANADA

* PROPOSED DEAL FOR CASH CONSIDERATION OF CA$13.5BN

* HSBC GROUP'S ESTIMATED PRE-TAX GAIN OF C.US$5.7BN FROM DEAL

* HSBC GROUP'S CET1 RATIO ENHANCED BY ADDITIONAL C.130BPS OVER AND ABOVE EXISTING CAPITAL PLANS FROM DEAL

* TRANSACTION IS EXPECTED TO COMPLETE IN LATE 2023 Source text for Eikon: Further company coverage:

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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