Review of RBC’s $13.5B takeover of HSBC Canada shows limits to system, critics say
To help placate regulators though, the banks have made numerous commitments including that neither plan to close branches, which provide a physical commitment to maintaining choice in a neighbourhood.
The revival of the agreements in recent years has been spearheaded by the National Community Reinvestment Coalition as a way to ensure U.S. laws around fair lending are carried out. Asked to clarify the bank’s position on wider benefits, spokeswoman Gillian McArdle said in a statement that the acquisition is a commitment to invest more in clients, communities and staff, while the deal would see more tax revenue staying in the country.“We are confident our agreement to acquire HSBC Canada will deliver a strong net benefit in communities that we already know well,” she said.
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