TORONTO — National Bank of Canada has agreed to acquire the retail brokerage arm of HSBC Holdings Inc. for C$206 million (about $207 million), according to a person familiar the matter.
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The acquisition, which is scheduled to be announced later Tuesday, will broaden the reach of National Bank's retail brokerage arm in Western Canada. National Bank is based in Quebec.
A HSBC representative declined comment.
As part of the pact, National Bank and HSBC have an agreement that precludes either from trying to steal each other's clients, according to this person.
