Royal Bank of Canada's proposed $13.5-billion takeover of HSBC Bank Canada will face scrutiny from Canada's competition watchdogs in the year ahead, but critics say their leash is too short while efforts in the U.S. point to potential ways of doing it better.
will face scrutiny from Canada's competition watchdogs in the year ahead, but critics say their leash is too short while efforts in the U.S. point to potential ways of doing it better.
He said the loss of HSBC's Canadian division would remove a player that has offered fairly aggressive rates on mortgages along with other advantages offered by a smaller player trying to increase market share. She said that one of the biggest challenges to blocking mergers in Canada has been that other competition concerns have sometimes been overridden when the acquirer says it can create efficiencies of any degree.
The deals are still expected to go through, in part because the two Canadian banks are moving into new markets rather than taking out a competitor where they already operate. BMO set out its benefits plan in late November, outlining more than $40 billion in lending commitments to low and moderate income households, minorities, small businesses, and community development opportunities. TD is also working through its own deal.
"It's a great model for ensuring that the consolidation of the banking industry doesn't result in communities being left out, or have a negative impact on underserved communities."
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