Competition Bureau seeks input on RBC's proposed takeover of HSBC Bank Canada | HSBC | Discussion forum

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Competition Bureau seeks input on RBC's proposed takeover of HSBC Bank Canada
May 1, 2023
9:02 pm
co
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Thanks for sharing. Wouldn’t have noticed myself. I believe the acquisition is bad for Canadian consumers and will further limit the banking choices that we have.

May 6, 2023
2:22 pm
Doug
British Columbia, Canada
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I would've preferred a slightly smaller Canadian bank to acquire the assets of HSBC Canada, but relative to RBC's fortress and giant balance sheet, in Canada and globally, the extra ~$100 billion in assets is more than a rounding error, sure, but not a significant difference in terms of market share growth.

In the end, I believe this acquisition is net benefit to Canada in that it rids the country of a UK/Hong Kong-based global bank that has been found to have violated economic sanctions regulations and which was given the corporate equivalent of probation in its corporate plea bargain with the U.S. Department of Justice to having aided and abetted the Mexican drug cartels. So, in that sense, I will be pleased, on the whole, to see this foreign bank leave the country. 🙂

Cheers,
Doug

May 6, 2023
8:13 pm
mordko
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“Foreign” is a good thing. If Canada works then we get lots of foreign investment. And the other way around. Trying to “rid” the country of foreign companies is the exact opposite of smart. As is “ridding” and nationalism in general. Canadian banks are making forays in the UK, US and elsewhere, and I am sure there are nationalist sentiments there too, targeting Canadian companies. Its a lose-lose sentiment.

HSBC has been particularly good for Canada as it regularly launched competitive products which were far better than anything the 5-bank oligopoly could offer.

US punished most banks for breaching regulations at one point or another. Including RBC.

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