Competition Bureau seeks input on RBC’s proposed takeover of HSBC Bank Canada

OTTAWA –

The Competition Bureau has put out a name for data to assist it assessment Royal Bank of Canada’s proposed takeover of HSBC Bank Canada.

The company says it is on the lookout for enter from market individuals and Canadians on a spread of areas together with residential mortgages, private and business lending and financial institution accounts.

It says the kind of data it is to listen to about embrace what sort of rivalry there’s between RBC and HSBC in addition to with different banks, what sort of impact the deal might need on worth, high quality or selection, and the way simple it’s to change between banks.

The Competition Bureau says it’s investigating whether or not the proposed deal is more likely to end in a considerable lessening or prevention of competitors.

RBC emerged in late November final 12 months because the successful bidder for HSBC’s Canadian division with a $13.5 billion deal.

Both the Competition Bureau and the Office of the Superintendent of Financial Institutions are reviewing the transaction, which requires approval from the Minister of Finance.

This report by The Canadian Press was first printed May 1, 2023