OTTAWA – March 29, 2024 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors that, effective March 29, 2024, the following CDIC member institutions have amalgamated: HSBC Bank Canada (HBCA), HSBC Trust Company Canada (HTCC), HSBC Mortgage Corporation Canada (HMCC) and Royal Bank of Canada (RBC).

Upon the amalgamation of these entities, deposits held within HBCA, HTCC and HMCC have migrated to RBC.

While CDIC will be removing the three HSBC entities from the list of members and deposit insurance calculator on the website, insured deposits that a client has at any HSBC entity and RBC entity before the amalgamation continue to be insured separately, up to $100,000 per depositor per category for a period of two years post amalgamation, or in the case of term deposits, until maturity (or redemption). However, the amount of separate coverage is reduced by any withdrawals made from those separate deposits, or as term deposits mature or are redeemed.

Post-amalgamation: How new deposits are covered

Coverage for new deposits a client makes at RBC (i.e. the amalgamated institution) after amalgamation depends on the total deposit amounts the client had at the member institutions before they amalgamated:

If a client’s total existing deposits (in a category) held with the entities immediately prior to amalgamation total $100,000 or more, any new eligible deposits the client makes (for that category) at RBC after amalgamation will exceed the $100,000 maximum and not be insured by CDIC.

If a client’s total existing deposits (in a category) held with the entities immediately prior to amalgamation are less than $100,000, any new eligible deposits the client makes (for that category) at RBC after amalgamation will be added to the previous deposits, and the total will be insured up to $100,000.

Look for this logo to identify a CDIC member institution:

About CDIC 

CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial institutions. As a resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.  

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For further information

Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca

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