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Finance committee calls for feds to block RBC-HSBC deal on competition concerns

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The finance committee of the House of Commons has called on the Finance Minister to block RBC's $13.5-billion takeover of HSBC Canada over concerns it will hurt competition.

The committee says in a report to Parliament that there are already very few financial institutions in the Canadian banking sector, so the removal of a competitor could raise bank fees that are already elevated.The information you need to know, sent directly to you: Download the CTV News App

RBC spokesman Andrew McGrath said in a statement that the takeover is in the best interest of HSBC Canada's 700,000 clients, and that the Competition Bureau's review did not identify Competition Act concerns with the deal. Prime Minister Justin Trudeau has dismissed a long-time Liberal and current senator's suggestion that it may be time he step down to make room for a new Liberal party leader.Ten foreign-trained internal medicine specialists in Regina are claiming they were targets of 'racist, and discriminatory leadership' while working at the Regina General Hospital, and have filed a complaint with the Saskatchewan Human Rights Commission.In most of Canada, you can feel a chill in the air.

Prime Minister Justin Trudeau has dismissed a long-time Liberal and current senator's suggestion that it may be time he step down to make room for a new Liberal party leader.

 

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