Competition Bureau approves RBC’s proposed takeover of HSBC Canada

GATINEAU, Que. –

Royal Bank of Canada has obtained approval from the Competition Bureau for its proposed acquisition of HSBC Bank Canada.

After an in depth evaluate, The Competition Bureau stated the deal possible will not considerably reduce competitors within the banking sector.

However, the bureau says the monetary companies market in Canada general stays very concentrated.

The bureau’s evaluate thought-about a broad vary of sources, together with greater than 1,500 submissions from Canadians.

The approval can be used within the Finance Minister’s decision-making course of on whether or not to offer the ultimate greenlight for the deal to proceed.

RBC first introduced its proposed takeover of HSBC Canada in November 2022, with a price ticket of $13.5 billion.