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299 Queen Street West and the golden era of MuchMusic | SaltWireTORONTO - The finance committee of Canada's House of Commons lower chamber has asked Ottawa to reject Royal Bank of Canada's C$13.5 billion acquisition of HSBC's domestic unit, citing the lack of competition in the country's financial sector.
The deal, which was announced in November 2022, is now in the hands of the Office of the Superintendent of Financial Institutions and Canada's finance ministry. It is expected to close in the first quarter of 2024. Pierre Poilievre, Canada's Conservative party leader, has also called for the federal government to reject the deal, saying that blocking the deal is a clear step the government could take to address affordability concerns.
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