Speaking with radio host Alex Pierson on 640 Toronto on Friday, Poilievre said the loss of British-owned HSBC’s Canadian division will exacerbate issues in Canada’s banking sector, which he said is already overly concentrated.
“This would take out one potential upstart competitor who could, if it stays in the market and doesn’t get bought, could fight for more market share by offering better products and services.”Poilievre said HSBC’s presence in major mortgage markets like Vancouver and Toronto forces RBC and other major banks to “inch down” their borrowing rates in order to compete for customers.
RBC is Canada’s largest bank in terms of assets, which were valued in the most recent quarter at $1.9 trillion. If the takeover deal is approved, RBC would be absorbing what is currently the seventh-largest asset-holder in the country, which HSBC has reported at $123.3 billion., finding it would not significantly lessen competition.It did, however, say the deal would mean a loss of rivalry between the two banks and that Canada’s banking sector remains concentrated with high barriers to entry.
A coalition of environmental groups including Stand.earth, LeadNow and Decolonial Solidarity, who have been pushing against the deal largely because RBC’s climate policies clash with HSBC’s more progressive stance, welcomed Poilievre’s comments as a rare point of agreement., Richard Brooks, climate finance director of Stand.earth, called on Freeland to listen to those opposed to the deal.