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RBC Acquires HSBC’s Domestic Unit for $10bn: Monopoly Concerns Addressed?

Royal Bank of Canada (RBC) has received approval from the Canada Competition Bureau for its acquisition of HSBC’s domestic unit for C$13.5bn ($10bn).

The bureau stated that the deal is unlikely to have any adverse effect on competition in the market. Photo: Getty Images
The bureau stated that the RBC and HSBC deal is unlikely to have any adverse effect on competition in the market. Photo: Getty Images

The acquisition of HSBC is expected to strengthen RBC’s position in one of the world’s most concentrated banking markets, where the top six lenders control about 80% of banking assets.

However, the bureau mentioned that the deal will result in less competition between Canada’s largest and seventh-largest banks.

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