The Canadian government approved Royal Bank of Canada’s landmark deal to acquire HSBC Holdings Plc’s Canadian operations, handing a major regulatory win to one of North America’s largest financial institutions.

Finance Minister Chrystia Freeland’s office issued a statement allowing the deal, as reported by Bloomberg News. Her blessing came with a number of conditions, which include job protections, keeping at least 33 of HSBC’s branches, transition plans for existing clients and a commitment to offer billions in financing for affordable housing.

Royal Bank struck the C$13.5 billion (approximately $10.2 billion) agreement to buy HSBC Canada, the country’s seventh-largest bank, in November 2022. It represents the largest acquisition in Royal Bank’s history, giving it the chance to expand its domestic operations with HSBC’s C$120 billion (around $90.7 billion) in assets, which include wealth management, personal and commercial banking.