HSBC Shares Up 17% Since Canada Divestiture, Focus Shifts Toward Asia (Revised)

Shares of HSBC Holdings (HSBC) have gained more than 17% since it divested its Canadian unit to Royal Bank of Canada (RY) for C$13.5 billion on March 29, 2024. In the same time frame, the industry has rallied nearly 10%. HSBC's Divestiture of Canadian Business The deal, announced in November 2022, resulted in a gain on sale of $4.8 billion in the first quarter of 2024. The gain included the recycling of $0.6 billion in foreign currency (FX) translation reserve losses and $0.4 billion in other reserves losse ...