HSBC’s $10 Billion Sale of Canada Unit to RBC Wins Approval (3)

The Canadian government approved Royal Bank of Canada’s landmark deal to acquire HSBC Holdings Plc’s Canadian operations, handing a major regulatory win to one of North America’s largest financial institutions.

Finance Minister Chrystia Freeland’s office issued a statement late Thursday allowing the deal, confirming an earlier report by Bloomberg News. Her blessing came with a number of conditions, which include job protections, keeping at least 33 of HSBC’s branches, transition plans for existing clients and a commitment to offer billions in financing for affordable housing.

Royal Bank struck the C$13.5 billion ($10.2 billion) agreement to buy HSBC Canada, ...