The proposed acquisition of HSBC Bank Canada by the Royal Bank of Canada
Current status: Closed
The Royal Bank of Canada is seeking approvals from the Minister of Finance for its proposed acquisition of HSBC Bank Canada. In determining whether to approve the acquisition of a federal financial institution under federal financial institution statutes, the Minister of Finance can take into account all matters she considers relevant to the application, including the best interests of the financial system. The Minister of Finance invited views and feedback to help inform the decision regarding the acquisition.
This engagement process gave all interested members of the public the opportunity to provide input on this topic. The consultation ran from June 6, 2023, to July 21, 2023. Thank you to everyone who participated.
Key questions for consideration
This consultation sought feedback on:
- The proposed acquisition of HSBC Bank Canada by the Royal Bank of Canada, which was announced on November 29, 2022. In particular, we invited comments on whether the proposed acquisition is in the best interest of the financial sector (i.e., stability, efficiency, utility to consumers, and integrity of the sector).
What's next?
Comments received during the consultation period will inform the Department of Finance's ongoing work on the proposed acquisition. We will analyze your feedback and consider how to address the acquisition in light of the feedback we received.
While this formal consultation has now concluded, Canadians are welcome to reach out to the Department of Finance with any questions or comments by emailing transactions@fin.gc.ca .