Financial institutions: Service, Asset Releases, Amalgamation

Summary#

This page collects several short public notices published in the Canada Gazette on July 1, 2023. It includes a designated service address for Innovation Federal Credit Union, notices that two foreign insurers (PACIFIC LIFE RE LIMITED and United American Insurance Company) intend to ask regulators to release their Canadian assets, and a notice that Royal Bank of Canada and several HSBC entities plan to seek letters patent to amalgamate after a proposed share purchase.

What it does#

• Innovation Federal Credit Union names a single office across Canada for the service of enforcement notices under the Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations and the Bank Act: P.O. Box 1090 Station Main, 198 1st Avenue NE, Swift Current, Saskatchewan S9H 3X3.
• PACIFIC LIFE RE LIMITED says it will apply to the Office of the Superintendent of Financial Institutions (Canada) under the Insurance Companies Act for an order to release the assets it keeps in Canada. People who want to oppose must file by August 3, 2023.
• United American Insurance Company says it will apply to the Office of the Superintendent of Financial Institutions (Canada) under the Insurance Companies Act for an order to release the assets it keeps in Canada. People who want to oppose must file by July 22, 2023.
• Royal Bank of Canada, HSBC Bank Canada, HSBC Trust Company (Canada), HSBC Mortgage Corporation (Canada) and HSBC Finance Mortgages Inc. plan to apply to the Minister of Finance for letters patent of amalgamation under the Bank Act on or after July 8, 2023, to continue as a single bank called “Royal Bank of Canada” (English) / “Banque Royale du Canada” (French). The amalgamation is conditional on RBC completing a proposed acquisition of HSBC Bank Canada.

Who's affected#

• People or agencies who need to serve enforcement notices to Innovation Federal Credit Union anywhere in Canada.
• Policyholders, beneficiaries, and creditors of PACIFIC LIFE RE LIMITED and United American Insurance Company who have business or claims tied to those companies in Canada. They can oppose the planned asset releases by the stated deadlines.
• Customers, shareholders, employees, and counterparties of Royal Bank of Canada and the named HSBC entities may be affected if the proposed acquisition and the amalgamation go ahead. The notice does not mean the amalgamation will happen; it depends on regulatory approvals and the completion of the proposed share purchase.

Why it matters#

• Designating a single service address for Innovation Federal Credit Union makes it clearer where enforcement notices should be delivered across Canada.
• Notices about releasing insurer assets signal potential changes in how those insurers operate in Canada. If the Superintendent allows a release, policyholders or creditors could face practical consequences; the Gazette notices give them a chance to object.
• The planned application for amalgamation of Royal Bank of Canada and certain HSBC companies is part of a bigger proposed bank sale. If completed, it would change the corporate structure and regulatory approvals trigger review and potential effects for customers and markets. The notice is an early, formal step in that process.