Friday, October 20, 2023

Canada's Conservative leader urges rejection of RBC's offer for HSBC Canada -media
HSBC WAS ABANDONING CANADA

Reuters
Thu, October 19, 2023 

(Reuters) - Pierre Poilievre, Canada's Conservative party leader, called for the federal government to reject Royal Bank of Canada's C$13.5 billion ($9.84 billion) offer to buy HSBC's domestic unit, the Globe and Mail reported on Thursday.

Blocking the deal is a clear step the government could take to address affordability concerns, Poilievre said in an interview to the newspaper.

"If the biggest bank in Canada simply buys up a growing smaller player, then there's no hope of ever having more competition in Canadian banking," he told the newspaper. "If you remove HSBC, then you’ll be removing downward pressure on lending rates."

Last month, Canada's Competition Bureau said that RBC's takeover of HSBC Canada was unlikely to hurt competition, clearing the way for the country's largest bank to push ahead with its biggest acquisition.

Still, the regulator found that the deal would "result in a loss of rivalry between Canada's largest and seventh-largest banks."

($1 = 1.3723 Canadian dollars)

(Reporting by Gnaneshwar Rajan; Editing by Christian Schmollinger)


2022

Hsbc.com

https://www.hsbc.com/news-and-media/hsbc-news/hsbc-agrees-to-sell-business-in-canada

Nov 30, 2022 ... We've agreed to sell our banking operations in Canada to Royal Bank of Canada (RBC) – one of the largest banks in the country.

Theguardian.com

https://www.theguardian.com/business/2022/nov/29/hsbc-quits-canada-selling-its-business-to-rbc-for-84bn

Nov 29, 2022 ... HSBC has struck a deal to sell its Canadian business to Royal Bank of Canada for £8.4bn as it continues to shrink its global footprint and focus ...

Nerdwallet.com

https://www.nerdwallet.com/ca/banking/what-hsbc-customers-need-to-know-about-the-rbc-deal

On November 29, 2022, the Royal Bank of Canada announced its plans to buy HSBC Bank Canada in an agreement heralded as Canada's biggest domestic banking deal on ...

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