The Department of Finance Canada today issued the following statement:
“Today HSBC Holding plc and the Royal Bank of Canada (RBC) have announced that they have concluded an agreement for the sale of HSBC Bank Canada (HSBC) to RBC, subject to the necessary regulatory approvals.
“The Office of the Superintendent of Financial Institutions (OSFI) will administer the application process and provide a recommendation to the Minister of Finance.
“The Competition Bureau, under the Competition Act, will also review the transaction.
“As stipulated in the Bank Act, all acquisitions and amalgamations in Canada’s banking sector are subject to the approval of the Minister of Finance, who must take into account all matters she considers relevant.