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In one of the most ambitious financial transactions in Canadian history, RBC acquired HSBC Bank Canada, strengthening its premium domestic business and further cementing the bank’s position as a Canadian leader on the global stage.
RBC successfully executed the largest and most complex technology transition in its 155-year history, completing a close-and-convert transaction of this magnitude – a rarity in the financial services industry. While our scale and technical capabilities positioned us well, we had to navigate the complexity of integrating data from numerous HSBC Canada systems and accurately transforming and mapping it to RBC’s platforms. This also involved building and enhancing some very significant product capabilities and developing the right solutions to ensure a secure and unifying banking experience for our new clients and combined organization.
“Given the aggressive timeline and complexity, we set up a dedicated integration team of more than 4,000 employees from across the enterprise, including 2,000 technology professionals, to work on all aspects of the integration, including people, process, and technology,” says Naim Kazmi, Executive Vice President and Head, Retail Banking Payments Technology and Integrations, who was responsible for the technology leadership and served as an executive co-lead for the overall HSBC Canada integration. “We moved quickly to reallocate resources, mobilize teams and reprioritize certain initiatives to support this enterprise priority and ensure it was a seamless transition, with an important focus on structuring the leadership.”
Angelo Schiafone, Vice President and Head, Technology Integration and Retail Applications, emphasized the importance of close daily collaboration with operations and technology leaders. “We coordinated the efforts of our 2,000 technology professionals and, together with our teams, developed a thorough technical migration blueprint that covered every aspect of product, data and system integration, as well as system enhancements and readiness,” explains Schiafone.
This massive conversion involved integrating and developing technological capabilities for some of RBC’s most critical and complex systems across the enterprise. We reviewed our infrastructure to ensure we had sufficient processing, storage, networking capacity and equipment available for the conversion of 780,000+ clients, 4,000+ new employees and millions of products and services.
“Completing a full conversion in a single weekend, while ensuring the accurate transmission and migration of data, privacy, compliance and no impact on our existing 18 million RBC clients, was a top priority,” explains Kazmi. Within months of receiving regulatory approval, we built on existing tech capabilities and scaled our systems to facilitate the rapid and secure transfer of data across HSBC Canada and RBC platforms. The significant investment we’ve made in digital, cloud, IT risk, data and AI over the past several years allowed us to effectively leverage existing tools and services to tackle the acquisition head-on.”
Teams were prepared for every step with extensive business and technical dry runs, dress rehearsals and readiness activities which helped significantly in early problem detection and solutions. “Having multiple practice sessions meant we were able to go through different scenarios and continuously improve so we were well prepared for our Go Live day. Real-time problem solving was crucial, and despite the heavy workload and short time frame, the teams consistently maintained composure and close collaboration, ensuring the best possible experience for our clients and employees,” said Schiafone.
2024 Easter weekend or ‘conversion weekend’ for most RBCers, was like a well-orchestrated symphony, where every member knew their lines and cues. Roles had not only been rehearsed but teams were prepared for contingencies – anticipating every possibility. And it was executed exceptionally – all in one weekend.
“I’m beyond proud of our team’s superior work and the outstanding results they achieved. Millions of accounts, products, client and employee records across all our business lines were migrated seamlessly while maintaining the highest standard of security,” says Schiafone.
“I have never witnessed an organization operate so seamlessly across all areas – from technology, business, operations, and functional disciplines – to execute a program of this scale in my career. I am immensely proud of our team and the incredible talent, without whom we could not have accomplished such a feat,” explained Kazmi.
The success of this historic conversion is a testament to our ability to invest for the future through unique technology, the dedicated involvement of strong technical executives and senior leaders, and, more importantly, the top talent who turned an ambitious goal into reality. The acquisition accelerated major enhancements to existing tech capabilities and we’re continuing to invest in both emerging technology and talent through our global banking hub in Vancouver.
“At RBC, our culture is powerful – it drives us to achieve remarkable things. I’m excited for the next big challenge we tackle together,” says Kazmi.
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subject matter discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.
