Competition Bureau seeks information from market participants to advance investigation of RBC’s proposed acquisition of HSBC Canada
Request for Information highlights areas under investigation
May 1, 2023 – GATINEAU, QC – Competition Bureau
The Competition Bureau has issued a request for information (RFI) to help gather facts about Royal Bank of Canada’s (RBC) proposed acquisition of HSBC Bank Canada.
The RFI – which highlights the areas of interest to the Bureau – invites market participants and Canadians to submit relevant information to assist the Bureau with its investigation.
The Bureau is investigating whether the proposed acquisition is likely to result in a substantial lessening or prevention of competition for services provided by the companies, including personal and business financial services across Canada.
The Bureau is seeking information to further assess potential impacts on competition in the following areas:
- Personal Financial Services, including:
- Residential Mortgages
- Consumer Lending Other Than Residential Mortgages
- Personal Transaction Accounts
- Personal Short-term Savings
- Personal Long-Term Investment Services
- Private Investment Counselling Services
- Business Financial Services, including:
- Business Accounts
- Business Lending
The type of information requested about competition for these products and services includes:
- rivalry among RBC and HSBC and with other companies
- impacts of entry or expansion on price, quality, or choice
- differences in price, quality, or choice among urban, suburban and rural communities
- differences in price, quality, or choice available to different consumer groups
- ease of switching service providers
- the prevalence and impact of bundling more than one product or service with a single service provider
The Bureau encourages all those with relevant information to share this information with the Bureau by June 1, 2023. Any information shared with the Bureau will be kept confidential.
The Bureau’s review is ongoing and no conclusions have been made at this time.
Information provided to the Bureau in connection with its mandate will be protected as confidential, subject to certain exceptions explained in the Information Bulletin on Communication of Confidential Information Under the Competition Act.
The Bureau works to complete our reviews as expeditiously as possible based on the complexity of the transaction and steps necessary to gather the facts and evaluate the evidence.
As stipulated in the Bank Act, all acquisitions and amalgamations in Canada’s banking sector are subject to the approval of the Minister of Finance, who must take into account all matters she considers relevant.
The transaction is also subject to an application process administered by the Office of the Superintendent of Financial Institutions (OSFI).
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The Competition Bureau is an independent law enforcement agency that protects and promotes competition for the benefit of Canadian consumers and businesses. Competition drives lower prices and innovation while fueling economic growth.
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