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HSBC Canada CDIC members amalgamated
April 22, 2024
11:45 pm
Norman1
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Royal Bank of Canada is not maintaining the separate HSBC Bank Canada CDIC members:

CDIC member HSBC Bank Canada is now part of Royal Bank of Canada

OTTAWA – March 29, 2024 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors that, effective March 29, 2024, the following CDIC member institutions have amalgamated: HSBC Bank Canada (HBCA), HSBC Trust Company Canada (HTCC), HSBC Mortgage Corporation Canada (HMCC) and Royal Bank of Canada (RBC).

Upon the amalgamation of these entities, deposits held within HBCA, HTCC and HMCC have migrated to RBC.

While CDIC will be removing the three HSBC entities from the list of members and deposit insurance calculator on the website, insured deposits that a client has at any HSBC entity and RBC entity before the amalgamation continue to be insured separately, up to $100,000 per depositor per category for a period of two years post amalgamation, or in the case of term deposits, until maturity (or redemption). However, the amount of separate coverage is reduced by any withdrawals made from those separate deposits, or as term deposits mature or are redeemed.

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