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Ottawa should reject RBC’s deal to buy HSBC Canada, finance committee says

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Says proposed takeover would hurt competition in the financial services industry

The House of Commons finance committee is calling on the federal government to block Royal Bank of Canada’s

But the prospect of RBC – the country’s largest lender – scooping up the seventh biggest bank as it moves to exit the Canadian market has drawn the ire of opposition parties in Ottawa. The committee did not comment British HSBC’s decision to pull its Canadian subsidiary from the market, nor did it offer any alternative option for what could become of HSBC Canada if Ottawa were to terminate the deal.

because it would reduce banking competition at a time when homeowners are struggling with high borrowing costs.

 

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