Bloomberg News

National Bank of Canada to Buy HSBC Unit for C$206 Million

September 20, 2011

Sept. 20 (Bloomberg) -- National Bank of Canada, the country’s sixth-largest bank, agreed to buy the Canadian investment advisory business of HSBC Holdings Plc for C$206 million ($207 million) in cash.

The assets under administration of the unit were C$14.2 billion at Aug. 31, HSBC said today in a statement.

--Editor: David Scanlan

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net.


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