Competition Bureau seeks input on RBC's proposed takeover of HSBC Bank Canada
OTTAWA — The Competition Bureau has put out a call for information to help it review Royal Bank of Canada's proposed takeover of HSBC Bank Canada.
The agency says it's looking for input from market participants and Canadians on a range of areas including residential mortgages, personal and business lending and bank accounts.
It says the type of information it's interested to hear about include what kind of rivalry there is between RBC and HSBC as well as with other banks, what kind of effect the deal might have on price, quality or choice, and how easy it is to switch between banks.
The Competition Bureau says it is investigating whether the proposed deal is likely to result in a substantial lessening or prevention of competition.
RBC emerged in late November last year as the winning 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 published May 1, 2023.
Companies in this story: (TSX:RY)
The Canadian Press