Royal Bank of Canada has obtained approval from the Competition Bureau for its proposed acquisition of HSBC Bank Canada.
After an extensive review, The Competition Bureau said the deal likely won’t significantly lessen competition in the banking sector.
However, the bureau says the financial services market in Canada overall remains very concentrated.
The bureau’s review considered a broad range of sources, including more than 1,500 submissions from Canadians.
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The approval will be used in the Finance Minister’s decision-making process on whether to give the final greenlight for the deal to proceed.
RBC first announced its proposed takeover of HSBC Canada in November 2022, with a price tag of $13.5 billion.