FINA Committee Report
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Twelfth Report
Standing Committee on Finance (FINA)44th Parliament, 1st Session
Study
Merger of Royal Bank of Canada and HSBC Bank CanadaThat the Standing Committee on Finance report the following to the House: given that; (a) after eight years of Justin Trudeau the Competition Bureau of Canada finds Canada’s competitive intensity is in decline, a measure that was reflected in all indicators measure by the bureau; (b) there already are very few financial institutions in the Canadian banking sector representing a lack of competition; (c) removing competition in the financial sector could raise banking fees for Canadians who already pay more for financial services due to an already uncompetitive financial sector; that the committee calls on the Minister of Finance to reject the merger of RBC and HSBC. |
A copy of the relevant Minutes of Proceedings (Meeting No. 110) is tabled. |