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RBC is buying HSBC Canada
December 2, 2022
12:46 pm
christinad
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Thats a good point. I thought they would keep invest direct but will probably migrate it as you said. I think i was thinking of interactive brokers and that they may offer access to international stock exchanges but i’m not sure. That is a interesting feature of invest direct.

December 2, 2022
7:03 pm
Doug
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canadian.100 said

Interesting - RBC does sell at a premium to the other banks the RBC P/E is 12.15 while the P/E for BNS is 8.38. I believe RBC announced yesterday they will be increasing their next quarterly dividend plus an incentive to shareholders to reinvest dividends (DRIP) to acquire new shares @ 20% less than market value. A good incentive!  

Those discounts in the DRIP don't amount to much. I doubt anyone considers that. 😉

Cheers,
Doug

December 2, 2022
7:06 pm
Doug
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HSBC InvestDirect is interesting in that National Bank Independent Network is the back office service provider and custodian for HSBC InvestDirect. They handle all of the trade execution and settlement services, and prepare HSBC InvestDirect customer statements. Whatever balances HSBC InvestDirect does not retain will be a loss to NBIN Assets Under Administration and a gain to RBC Dominion Securities.

Cheers,
Doug

March 31, 2024
7:21 am
COIN
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Anybody closely following the HSBC/RBC merger? I'm getting almost daily updates. I'll wait till the "dust settles" before switching over to the "new" merged HSBC. Don't want to do things piecemeal.

March 31, 2024
7:51 am
mordko
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COIN said
Anybody closely following the HSBC/RBC merger? I'm getting almost daily updates. I'll wait till the "dust settles" before switching over to the "new" merged HSBC. Don't want to do things piecemeal.  

HSBC was our main bank, so of course I am following.

By now all the balances have been transferred to RBC VIP. That includes chequing account, savings accounts in various currencies and investment account.

With HSBC I had a credit line linked to my chequing account, which acted as an effective overdraft protection. RBC assigned a different number to the credit line, so I was concerned that I no longer have overdraft protection. However RBC confirmed that for the former HSBC clients only, this link will be maintained.

RBC’s credit card offerings are useless, I won’t use them, so thats a downgrade.

So far seems OK. I just need to confirm that transfers from my RBC business account to personal account are not limited to $2K. Will likely try RBC out for a year, but probably move after that. Unless they impress.

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