To help further gather and assess the facts about Royal Bank of Canada’s (RBC) proposed acquisition of HSBC Bank Canada (HSBC), the Competition Bureau has issued a Request for Information (RFI) highlighting areas in which the Bureau is seeking information to advance its investigation. However, the Bureau remains open to considering additional information.
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 inviting affected stakeholders – including market participants and Canadians – to submit relevant information to our attention about potential impacts on competition.
The Bureau encourages all those with relevant information to confidentially share their information or experiences with the Bureau by June 1, 2023.
A Request for Information published by the Competition Bureau is not a final decision about a proposed merger, but provides the Bureau’s areas of investigation that may benefit from information from market participants and Canadians. The Bureau’s investigation of the Proposed Acquisition is ongoing and no conclusions have been reached at this time.
Any information provided to the Bureau as part of an RFI will be protected as confidential, subject to certain exceptions explained in the Bureau’s Information Bulletin on Communication of Confidential Information Under the Competition Act.