HSBC Bank Canada is up for a potential sale as global banking giant HSBC Holdings Plc faces pressure to shake up operations from its largest shareholder.
"We are currently reviewing our strategic options with respect to our wholly owned subsidiary in Canada," Gillian James, senior media relations manager at HSBC, wrote in an email.
"The review is at an early stage and no decisions have been made."
National Bank analyst Gabriel Dechaine said the review of HSBC Bank Canada, the country's seventh largest bank by assets, comes as HSBC faces pressure from Chinese insurer Ping An, its largest shareholder, to break up the bank.
The news has generated "a lot of excitement" he said in an analyst note.
"Considering the rare opportunity to acquire a large Canadian lending institution, we believe every Big-6 bank would evaluate this asset."
HSBC Canada's division has a large commercial banking business, which made up about two-thirds of the $490 million in profit before taxes it pulled in for the first half of 2022.
The bank, while one of HSBC's smaller foreign subsidiaries, was the third largest contributor to HSBC's commercial banking profits in 2021 to make it a "disproportionately profitable business," Dechaine said.
While all of Canada's big banks would likely take a look, he said Royal Bank was the leading candidate as it has the scale to take on what could a more than $10-billion takeover.
Dechaine noted TD Bank Group and BMO are already in the midst of multibillion-dollar takeovers in the U.S., making them less likely to be potential buyers.
Another foreign bank buying the division looks unlikely as European and U.S. banks have had a track record of leaving Canada, while a Chinese buyer would face regulatory challenges, he added.
HSBC has been winding down its exposure in North America. Last year, the bank sold off its U.S. mass market retail division, cutting its branches in the country from 148 to 58.
HSBC Canada has more than 130 branches, with a concentration in British Columbia. Since the bank first established itself in Canada in 1981 it has snapped up more than a dozen banks and trusts in Canada to grow to its current size.
In its latest quarterly filings, HSBC said the Canadian division was helpful as it could leverage its footprint across all key trade corridors.
This report by The Canadian Press was first published Oct.4, 2022.
Bob Cole, legendary CBC broadcaster and former voice of Hockey Night in Canada, has died. He was 90.
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
Dozens of inmates were transported from a northern Alberta correctional centre earlier this week because of a wildfire.
Mounties on Vancouver Island have confirmed that two bodies recovered by United States authorities earlier this week are those of a pair of missing kayakers from British Columbia.
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Jury selection is set to start today for the trial of a Winnipeg man accused of killing four women.
Two military horses that bolted and ran miles through the streets of London after being spooked by construction noise and tossing their riders were in a serious condition and required operations, a British government official said Thursday.
A Sydney bishop who was stabbed repeatedly in an alleged extremist attack blamed on a teenager has backed X Corp. owner Elon Musk's legal bid to overturn an Australian ban on sharing graphic video of the attack on social media.
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
A reluctant Donald Trump returned to a New York City courtroom Thursday as his hush money trial resumed at the same time that the U.S. Supreme Court hears arguments in Washington over whether he should be immune from prosecution for actions he took during his time as president.
A ship travelling in the Gulf of Aden came under attack Thursday, officials said, the latest assault likely carried out by Yemen's Houthi rebels over Israel's ongoing war on Hamas in the Gaza Strip.
Iran's judiciary confirmed the death sentence of well-known Iranian rapper Toomaj Salehi but added that he is entitled to a sentence reduction, state media reported on Thursday.
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
Ontario is still playing catch up on routine vaccinations that many children missed during the pandemic and public health officials are warning that it could take years to solve the problem.
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
China launched a three-member crew to its orbiting space station on Thursday as part of its ambitious program that aims to put astronauts on the moon by 2030.
U.S. President Joe Biden signed legislation Wednesday that could ban TikTok in the U.S. while his campaign has embraced the platform and tried to work with influencers.
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
In the last year, Tim Hortons has treated cottaging Canadians to a boat drivethru, revived its beloved Dutchie doughnut and launched flatbread pizzas. But perhaps its biggest surprise will come this summer.
The B.C. woman convicted of killing Reena Virk described the TV series dramatizing the notorious 1997 murder as disrespectful to the victim and her family.
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
New condo sales in the Toronto region dropped to the lowest quarterly total since the financial crisis in 2009 amid high interest rates and affordability issues, a new report has found.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
A Polish pilot proposed to his flight attendant girlfriend during a flight from Warsaw to Krakow, and she said yes.
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
Wrexham AFC, co-owned by Canadian actor and Vancouver native Ryan Reynolds, is set to play Major League Soccer's Vancouver Whitecaps on July 27 at BC Place Stadium.
The oldest living former major leaguer, Art Schallock turns 100 on Thursday and is being celebrated in the Bay Area and beyond as the milestone approaches.
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
A made-in-China electric vehicle will hit North American dealers this summer offering power and efficiency similar to the Tesla Model Y, the world's best-selling EV, but for about US$8,000 less.
Tesla's first-quarter net income plummeted 55 per cent as falling global sales and price cuts sliced into the electric vehicle maker's revenue and profit margins.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
A hiker was airlifted to hospital in critical condition Tuesday after he fell approximately 60 metres into a canyon on Vancouver Island.
A man convicted of second-degree murder for a fatal stabbing in New Westminster has been handed a life sentence with no parole eligibility for 14 years, homicide investigators announced Thursday.
Wrexham AFC, co-owned by Canadian actor and Vancouver native Ryan Reynolds, is set to play Major League Soccer's Vancouver Whitecaps on July 27 at BC Place Stadium.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
Bob Cole, legendary CBC broadcaster and former voice of Hockey Night in Canada, has died. He was 90.
Southern Alberta RCMP have charged a 44-year-old man in connection with an investigation that saw 82 animals in distress seized from a home in Mountain View County, north of Calgary.
Fifteen-year-old Camryn Mitchell has Attention Deficit/Hyperactivity Disorder (ADHD).
A Calgary-based company is facing a $330,000 fine in connection with a workplace fatality from two years ago.
A new data by OpenTable reveals the top 100 restaurants for brunch on Mother’s Day and Ottawa has five of them.
It's another headache for drivers who have a vehicle stolen, what to do if they want to sell after their stolen vehicle was damaged and then recovered.
Bob Cole, legendary CBC broadcaster and former voice of Hockey Night in Canada, has died. He was 90.
A mother and daughter are speaking out after a Quebec man was sentenced to house arrest for years of domestic abuse. They were both physically assaulted by the mother's ex-partner and say the offender got off with another light sentence.
The trial of a West Island baseball coach accused of sexually abusing a minor will proceed after the case was almost thrown out due to unreasonable delays.
'We're not here to judge governments,' Quebec Premier Francois Legault said when asked about the opening of a Quebec office in Tel Aviv, Israel, as conflict rages in the Gaza Strip.
A portion of Stony Plain Road will be closed between 131 Street and 139 Street beginning at 7 a.m. on April 29.
Dozens of inmates were transported from a northern Alberta correctional centre earlier this week because of a wildfire.
Southern Alberta RCMP have charged a 44-year-old man in connection with an investigation that saw 82 animals in distress seized from a home in Mountain View County, north of Calgary.
New Brunswick RCMP says officers rescued three people from alleged human trafficking in Moncton, arresting an 18-year-old woman in the process.
Thirty new paramedics are coming to Nova Scotia from the land down under in the next year.
Nova Scotia RCMP is investigating alleged hate-motivated graffiti on a Hammonds Plains school.
A rural Manitoba school trustee is facing calls to resign over comments he made about Indigenous people and residential schools earlier this week.
Manitoba RCMP have arrested a suspect in relation to a 2021 double homicide in a remote northern community.
Jury selection is set to start today for the trial of a Winnipeg man accused of killing four women.
Work to improve accessibility in Regina will move forward after unanimous approval from city council that will see a plan address issues from snow removal to transportation and employee training.
Many Saskatchewan residents have been receiving unsolicited political text messages of the Sask. Party taking aim at the Saskatchewan NDP and their leader Carla Beck. Media experts say texting can be an effective campaign tool, but parties run the risk of annoying some voters.
A sentencing hearing has started for a former Saskatchewan Mountie who shot and killed his lover.
Three dogs died in the blaze.
A Waterloo, Ont. teacher says she’s frustrated after learning the arthritis medication she depends on is no longer covered under her benefits plan and she'll have to switch pharmacies to avoid paying out of pocket.
A Waterloo man needed to be taken away by air ambulance following a crash on King Street.
A sentencing hearing has started for a former Saskatchewan Mountie who shot and killed his lover.
A Saskatchewan woman who was taken for an involuntary mental health assessment is entitled to find out who had her committed, a provincial court judge has ruled.
Many Saskatchewan residents have been receiving unsolicited political text messages of the Sask. Party taking aim at the Saskatchewan NDP and their leader Carla Beck. Media experts say texting can be an effective campaign tool, but parties run the risk of annoying some voters.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
A serious crash involving two vehicles has left one person dead and Highway 101 closed in the Timmins area since 1 a.m., police say.
Bob Cole, legendary CBC broadcaster and former voice of Hockey Night in Canada, has died. He was 90.
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
Damage is estimated at $50,000 after a trailer parked in a St. Thomas driveway caught fire. Around 8:30 a.m. Thursday, first responders received multiple 911 calls reporting a large plume of smoke and flames from a camping trailer.
A popular summer festival on the Barrie waterfront is returning for its 52nd year, with one of the most impressive lineup yet.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Barrie Police are seeking help identifying a cyclist who was allegedly aggressively chased by a vehicle.
A snake habitat on Pelee Island will be restored. Through a multi-partner collaboration, conservation work on Pelee Island will continue through 2026.
Bob Cole, legendary CBC broadcaster and former voice of Hockey Night in Canada, has died. He was 90.
Chatham-Kent police are asking for the public’s help locating a 15-year-old girl, who has been missing over a week.
A hiker was airlifted to hospital in critical condition Tuesday after he fell approximately 60 metres into a canyon on Vancouver Island.
Mounties on Vancouver Island have confirmed that two bodies recovered by United States authorities earlier this week are those of a pair of missing kayakers from British Columbia.
A West Kelowna woman is being ordered by B.C.'s small claims tribunal to pay more than $600 after her son's dog damaged the neighbour's pool.
An emaciated dachshund is now recovering thanks to a Good Samaritan who found the pup near a biking trail in Kelowna, according to the BC SPCA.
Search and rescue crews have been called in after a vehicle belonging to a missing senior was located near a rural intersection outside of Kelowna Tuesday.
Major crime detectives in British Columbia are investigating a suspected homicide after a body was found in a remote area southeast Kelowna over the weekend.
It’s not even May 1 and the fire risk for southern Alberta is already alarming.
Whoop-Up Days is still four months away, but applications to be in this year’s parade are now open.
Lethbridge has added 28 physicians over the past year, according to a quarterly report published by the College of Physicians and Surgeons of Alberta.
Some members of the Garden River First Nation are demanding answers regarding the disbursement of the Robinson-Huron Treaty settlement funds.
The Ontario Provincial Police, in partnership with the Treaty Three Police Service, have charged a suspect with murder following a homicide in a remote northwestern Ontario community.
A 15-year-old in Sault Ste. Marie has been charged following an incident on Bay Street on Tuesday.
A Newfoundland-made vodka has been named one of the world’s best by judges at this year’s World Vodka Awards.
Uber Technologies Inc. says it has brought its ridesharing platform to Newfoundland and Labrador.
Newfoundlander Christian Sparkes has shot several films around his home province, but with his new psychological thriller 'The King Tide' he saw an opportunity to wander into one unique town that had eluded him over the years.
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