VANCOUVER, Nov. 6, 2017 /CNW/ - HSBC Bank Canada (HSB.PR.C-TMX and HSB.PR.D-TMX) today announced its intention to redeem all of its issued and outstanding Non-Cumulative Redeemable Class 1 Preferred Shares Series C ("Series C Preferred Shares") and Non-Cumulative Class 1 Preferred Shares Series D ("Series D Preferred Shares") in accordance with their terms, on 31 December 2017, for a cash redemption price of $25.00 per share.
There are 7,000,000 Series C Preferred Shares and 7,000,000 Series D Preferred Shares outstanding, representing $350,000,000 of capital. The redemption will be financed out of the general corporate funds of HSBC Bank Canada.
Separately from the redemption price, the final quarterly dividend of $0.31875 and $0.3125 for each of the Series C Preferred Shares and Series D Preferred Shares will be paid in accordance with their terms in the usual manner on 31 December 2017 or the first business day thereafter to shareholders of record on 15 December 2017.
All the issued and outstanding Series C Preferred Shares and Series D Preferred Shares will be cancelled following their redemption.
Note to Editors:
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading international bank in the country. We help companies and individuals across Canada to do business and manage their finances internationally through three global business lines: Commercial Banking, Global Banking and Markets, and Retail Banking and Wealth Management. Canada is a priority market for the HSBC Group – one of the world's largest banking and financial services groups with assets of US$2,526bn at 30 September 2017. Linked by advanced technology, HSBC serves customers worldwide through an international network of around 3,900 offices in 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. For more information visit www.hsbc.ca or follow us on Twitter: @hsbc_ca or Facebook: @HSBCCanada
SOURCE HSBC Bank Canada