TORONTO - The finance committee of Canada's House of Commons lower chamber has asked Ottawa to reject Royal Bank of Canada's C$13.5 billion acquisition of HSBC's domestic unit, citing the lack of competition in the country's financial sector.
"Removing competition in the financial sector could raise banking fees for Canadians who already pay more for financial services due to an already uncompetitive financial sector," the committee said in the report. The highly regulated Canadian banking sector is active in the mergers and acquisition space as banks seeking growth opportunities look to expand into the United States. -- Japan’s state pension fund, the world’s largest, posted a loss of ¥683.2 billion on total assets during the three months through September as its holdings of domestic debt slumped by a record.
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