But it did note that the deal, which still requires approval from the Finance Minister and the banking regulator, means the loss of a competitor in a concentrated market.
Critics had pushed the Competition Bureau to try and block the deal, arguing that HSBC Canada added important market pressure especially in areas like mortgage rates and sustainable finance.
The bureau did note that the loss of rivalry between RBC and HSBC Canada will be more pronounced for some customer groups such as mortgage shoppers.
“The bureau found evidence of instances where HSBC Canada had materially affected RBC offers for a number of the products examined, including mortgages, high interest savings accounts, GICs and business loans and accounts.”
Some had also pushed for the deal to be blocked because HSBC has been a leader in sustainable policies, such as a commitment last year to stop funding new oil and gas fields, while RBC has been criticized for its shortcomings on climate action.
The approval will be used in the Finance Minister’s decision-making process on whether to give the final greenlight for the deal to proceed.
The original article contains 413 words, the summary contains 184 words. Saved 55%. I’m a bot and I’m open source!
This is the best summary I could come up with:
But it did note that the deal, which still requires approval from the Finance Minister and the banking regulator, means the loss of a competitor in a concentrated market.
Critics had pushed the Competition Bureau to try and block the deal, arguing that HSBC Canada added important market pressure especially in areas like mortgage rates and sustainable finance.
The bureau did note that the loss of rivalry between RBC and HSBC Canada will be more pronounced for some customer groups such as mortgage shoppers.
“The bureau found evidence of instances where HSBC Canada had materially affected RBC offers for a number of the products examined, including mortgages, high interest savings accounts, GICs and business loans and accounts.”
Some had also pushed for the deal to be blocked because HSBC has been a leader in sustainable policies, such as a commitment last year to stop funding new oil and gas fields, while RBC has been criticized for its shortcomings on climate action.
The approval will be used in the Finance Minister’s decision-making process on whether to give the final greenlight for the deal to proceed.
The original article contains 413 words, the summary contains 184 words. Saved 55%. I’m a bot and I’m open source!