The House of Commons finance committee has asked Ottawa to reject the Royal Bank of Canada's $13.5-billion acquisition of HSBC's domestic unit, citing the lack of competition in the country's financial sector.·A customer uses an automated teller machine outside of an HSBC Holdings Plc bank branch. The House of Commons finance committee has asked Ottawa to reject the Royal Bank of Canada's $13.
The deal, which was announced in November 2022, is now in the hands of the Office of the Superintendent of Financial Institutions and Canada's finance ministry. It is expected to close in the first quarter of 2024. "We strongly believe that RBC's proposed acquisition offers HSBC's Canadian clients the best possibility for continuity and stability while providing them with innovative made-in-Canada international banking solutions and advanced digital capabilities," an RBC spokesperson said.WATCH: RBC buying Canadian division of HSBC for $13.5BRoyal Bank of Canada has signed a deal to acquire HSBC Bank Canada for $13.5 billion in cash. RBC said it expects to close the deal by late 2023.
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Ottawa should reject RBC’s deal to buy HSBC Canada, finance committee saysSays proposed takeover would hurt competition in the financial services industry
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