The Competition Bureau of Canada has requested information regarding Royal Bank of Canada’s acquisition of HSBC’s business in Canada, worth $13.5 billion, reported Reuters.
The acquisition is significant for RBC as it is their largest to date. In the past, RBC attempted to acquire Bank of Montreal in the early 1990s, but regulatory restrictions prevented them from doing so.
Royal Bank of Canada is buying HSBC Canada for $13.5 billion. If approved, it will be the biggest deal between two Canadian banks ever and the first big bank merger in the country in a decade.