RBC Deal for HSBC Canada Gets Blessing From Competition Body
An HSBC branch in Vancouver
Photographer: Taehoon Kim/BloombergThis article is for subscribers only.
Royal Bank of Canada’s purchase of the Canadian unit of HSBC Holdings Plc received the approval of the country’s antitrust body, which said the deal doesn’t violate competition law.
The acquisition won’t result in a “substantial lessening or prevention of competition,” Canada’s Competition Bureau said in a statement Friday. Finance Minister Chrystia Freeland has the final say on the deal. HSBC has said it expects the transaction to be completed in early 2024.