HSBC Canada transition to Royal Bank of Canada

In late December 2023, Royal Bank of Canada (RBC) received regulatory approval from the Minister of Finance to acquire HSBC Bank Canada (HSBC).  

HSBC Canada is UBC’s primary financial institution, and UBC is working closely with HSBC Canada and RBC to gather information on what to expect and understand the impact to our banking activity. HSBC Canada will officially and legally be part of RBC by the end of March 2024, but the transition of our bank accounts and banking services will take place in a staged and organized manner over the next 12 months.  

What to expect after March 29, 2024 

At this time, there will be minimal impact to the university. UBC has been provided with the exemption to continue to use HSBC accounts, and the accounts will be supported for 12 months post the legal closing date (March 29, 2024). All incoming or outgoing payments can continue to be processed through HSBC, however we are hopeful that the transition will be complete before March 29, 2025. As we learn more about the conversion activities and impacts for UBC, we will share further information in the coming months and work with affected faculties and departments to minimize the disruption. 

Be vigilant to avoid phishing emails and text messages 

HSBC Canada and/or RBC will not be contacting faculty/staff directly regarding this transition for any UBC accounts. This transition is currently managed through UBC Treasury, and individuals will not be contacted directly by the banks. Please do not click on bank messages sent to your cell phone or emails, as they may be phishing. For more information on phishing, please visit Privacy Matters @ UBC.

Questions or concerns
Have questions or concerns? Submit to UBC Treasury.