Royal Bank of Canada Sees Progress in HSBC Canada Integration, Deposit Trends, and NIM Headwinds

Royal Bank of Canada highlights progress in integrating HSBC Canada's personal banking operations, exceeding cost expectations and on track for CAD 300 million in revenue synergies. Nielsen notes strong customer quality, cost profile, and revenue synergies from the acquisition, with a focus on cross-selling and new capabilities. Deposit growth has stagnated due to term deposits and GICs, but Nielsen expects a "natural rotation" into markets-based channels.