proposed takeover of HSBC Bank Canada, saying the deal would reduce banking competition at a time when homeowners are struggling with high borrowing costs.said blocking the deal is a clear step the government could take to address affordability concerns.
The country’s big banks had been eyeing HSBC Canada for years, coveting its strength in commercial lending and mortgages. London-based HSBC put its Canadian subsidiary on the auction block in October, 2022, as part of a strategic review, offering its competitors the rare opportunity to substantially grow their operations domestically through an acquisition. In recent years, HSBC has also trimmed its operations in other regions, including Brazil, France and the U.S.
Many banking analysts expect the deal to close. In a note to clients in September, Canadian Imperial Bank of Commerce analyst Paul Holden said there should not be “any significant hurdles” in securing further regulatory approvals.Finance Minister Chrystia Freeland, responded to a request for comment by pointing to a statement the minister issued nearly a year ago when the plan was first announced.
In April, a report from a coalition of environmental groups said that last year RBC was the biggest fossil fuel financier globally. The rest of Canada’s big banks ranked in the top 20 on the list. In December,“If RBC were to acquire HSBC under the current conditions, it would undo the work that has been done by HSBC to tackle climate change,” Ms. Collins wrote. The NDP also suggested that blocking the merger could assist with the current high cost of living faced by Canadians.
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