Conservative Leader Pierre Poilievre is calling for the federal government to block Royal Bank of Canada香蕉视频直播檚 $13.5-billion takeover of HSBC Canada as a way to help with housing affordability.
Poilievre said in a statement Friday that Canada香蕉视频直播檚 banking sector is already overly concentrated and the loss of HSBC Canadian division will only make it worse.
香蕉视频直播淚f the biggest banks in Canada simply buy up growing players, there香蕉视频直播檚 no hope for there ever being more competition in Canadian banking.香蕉视频直播�
He pointed to the Competition Bureau香蕉视频直播檚 finding that the bank was a rate disrupter on mortgages, the loss of which could leave Canadians paying higher rates.
香蕉视频直播淚f you have a smaller competitor pulling down rates, then we should want them to remain in place.香蕉视频直播�
RBC spokesman Andrew McGrath said in a statement that the takeover is in the best interest of HSBC Canada香蕉视频直播檚 700,000 clients, and that the Competition Bureau香蕉视频直播檚 review did not identify Competition Act concerns with the deal.
香蕉视频直播淲e strongly believe that RBC香蕉视频直播檚 proposed acquisition offers HSBC香蕉视频直播檚 Canadian clients the best possibility for continuity and stability,香蕉视频直播� he said.
In its review, the federal regulator said the takeover wouldn香蕉视频直播檛 likely result in a substantial lessening of competition.
It did however say the deal would mean a loss of rivalry between the two banks and that Canada香蕉视频直播檚 banking sector remains concentrated with high barriers to entry.
The deal must still be approved by Freeland, whose decision will be informed by the regulatory review processes, said Katherine Cuplinskas, a spokeswoman for the minister.
A coalition of environmental groups including Stand.Earth, LeadNow and Decolonial Solidarity, who have been pushing against the deal largely because RBC香蕉视频直播檚 climate policies clash with HSBC香蕉视频直播檚 more progressive stance, welcomed Poilievre香蕉视频直播檚 comments as a rare point of agreement.
Richard Brooks, climate finance director of Stand.earth, called on Freeland to listen to those opposed to the deal.
香蕉视频直播淢inister Freeland needs to just do the right thing for our climate, for Indigenous rights, and for bank workers and customers and reject this mega deal.香蕉视频直播�
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