STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Canada's Competition Bureau said on Friday Royal Bank of Canada's proposed acquisition of HSBC's domestic unit for C$13.5 billion is unlikely to substantially hurt competition.
The deal is expected to help RBC consolidate its leading position in one of the world's most concentrated banking markets, where the top six lenders control about 80% of banking assets. The deal is also subject to approval from the finance ministry, which had in July extended the consultation period for review due to a technical error that prevented it from receiving some submissions from stakeholders by email.
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Canada's antitrust agency favors RBC's $10 billion deal for HSBC unitStill, the regulator found that the deal would 'result in a loss of rivalry between Canada's largest and seventh largest banks.' RBC said the bureau's opinion is a key milestone in the approval process for the deal that was announced in Novemberlast year and that it would collaborate with the ongoing reviews by OSFI and the Minister of Finance. HSBC did not immediately respond to Reuters' request for comment.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Competition Bureau OKs RBC-HSBC sale, but notes concentration of banking servicesThe Competition Bureau has approved RBC’s proposed acquisition of HSBC Bank Canada.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Competition Bureau approves RBC's proposed takeover of HSBC CanadaRoyal Bank of Canada has obtained approval from the Competition Bureau for its proposed acquisition of HSBC Bank Canada.
Source: CTVNews - 🏆 1. / 99 Read more »
Competition Bureau approves RBC’s proposed takeover of HSBC CanadaHowever, the bureau says the financial services market in Canada overall remains very concentrated.
Source: TheTorontoSun - 🏆 23. / 68 Read more »
Competition Bureau approves RBC's proposed takeover of HSBC CanadaGATINEAU, Que. — Royal Bank of Canada has obtained approval from the Competition Bureau for its proposed acquisition of HSBC Bank Canada.
Source: SooToday - 🏆 8. / 85 Read more »