In a statement, RBC said HSBC's decision to "exit the Canadian marketplace" has led to uncertainty for the British bank's Canadian clients adding that RBC's proposed acquisition offers HSBC's Canadian customers "the best possibility for continuity and stability." "The Liberal government has the power to stop this merger and protect Canadians." "Let's be clear: this is an opportunity for RBC to make even more money while hardworking people playing by the rules and doing everything right still can't get ahead," Singh said when the deal was announced. They argue it would reduce competition and drive up the cost of mortgages. Past rate hikes may be enough to bring inflation back to target, Tiff Macklem says in speechĬonservative Leader Pierre Poilieve and NDP Leader Jagmeet Singh have called on Deputy Prime Minister and Finance Minister Chrystia Freeland to block the deal.Finance committee MPs ask federal government to reject RBC-HSBC deal. ![]() The deal, which was announced in November 2022, is now being reviewed by the Office of the Superintendent of Financial Institutions (OFSI). The committee's advice came weeks after the Competition Bureau said the transaction was "not likely to result in a substantial lessening or prevention of competition under the Competition Act," although it would "result in a loss of rivalry between Canada's largest and seventh largest banks." "Removing competition in the financial sector could raise banking fees for Canadians who already pay more for financial services due to an already uncompetitive financial sector," the committee's Nov. ![]() The group's call to block the merger comes a few weeks after the House of Commons finance committee asked Ottawa to reject RBC's $13.5-billion acquisition of the British bank's Canadian arm, saying the deal would result in reduced competition in the financial sector. The Stop the RBC Takeover Campaign said in a media statement Thursday that if the merger is allowed to proceed, it will saddle "Canadians with higher rates and fewer financial choices, while further concentrating the power and market dominance of Canada's biggest bank." Pressure is mounting on the Liberal government to block a proposed merger between the Royal Bank of Canada and British bank HSBC, with some civil society and environmental groups insisting the merger is bad for everyone.
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