(OTTAWA) The Competition Bureau issued a request for information on Monday to help it review the Royal Bank of Canada’s proposed takeover of HSBC Bank Canada.
The agency says it is seeking feedback from market participants and Canadians on a range of areas, including residential mortgages, personal and commercial loans, and bank accounts.
The Competition Bureau said information of interest to it included the type of rivalry between Royal and HSBC and other banks, the impact the agreement might have on price, quality or choice, and the ease with which it is possible to switch banking service providers.
The Competition Bureau has indicated that it is investigating to determine whether the proposed agreement is likely to result in a substantial lessening or prevention of competition.
La Royale emerged in late November last year as the winning bidder for HSBC’s Canadian division, with a 13.5 billion deal.
The Competition Bureau and the Office of the Superintendent of Financial Institutions are reviewing the transaction, which requires the approval of the Minister of Finance.