National Bank of Canada (NBC) is looking to purchase the full-service investment advisory business of HSBC Securities (Canada) for $206.98 million in cash. This will include some assets linked to the segregated fund and insurance business of HSBC Insurance Agency (Canada). The deal is part of NBC’s expansion strategy in Canada. HSBC Securities will get access to National Bank’s investment advisory network for equity and debt public offerings, subject to certain terms and conditions.
Click here for the release from National Bank of Canada.