A competitive banking sector is the bedrock of a free, fair and democratic economy, responsible for safekeeping the savings of Canadians, providing pathways to home ownership, and opportunities for entrepreneurs to start and grow their businesses. The acquisition of HSBC Canada by RBC would remove an aggressive competitor and further entrench an incumbent in Canada’s oligopoly banking market.
- As record high mortgage payments increase in a higher interest rate environment, the removal of HSBC Canada, an aggressive competitor in the mortgage market, will further financially stress Canadians
- Small businesses, already experiencing a lack of competition in Canada’s concentrated banking market, will lose an option for the banking services necessary for operating and expanding their businesses with the removal of HSBC Canada
- While the Bureau’s public request for information is a step in the right direction, the window for Canadians to provide input should be extended for future requests
Amid a cost of living crisis and persistent economic uncertainty, Canadians need a more, not less, competitive banking sector.
Read the full submission here.