Stop the RBC Takeover
The RBC takeover of HSBC Bank of Canada will make life even more unaffordable, and give Canada's dirtiest bank more money to fund climate chaos and undermine reconciliation. Chrystia Freeland must stop this takeover.
Why Stop RBC?
Canada’s biggest, most powerful company wants to get even bigger.
RBC's proposed takeover of HSBC Canada, Canada's 7th largest bank, would be the biggest bank merger in Canadian history. Less competition in Canada's already highly profitable and concentrated banking sector will lead to higher rates and fees for everyone.
If approved by Finance Minister Chrystia Freeland, the takeover will increase the costs of mortgages, rents, and credit cards. It will give Canada’s dirtiest bank more money to fund climate chaos and undermine reconciliation. It will leave Canadians with fewer choices and put climate solutions further out of reach.
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The RBC Takeover of HSBC Canada will harm us all. Allowing Canada's biggest company to get even bigger is bad for everyone but bankers.
Affordability
HSBC is an aggressive competitor on mortgage rates, saving homeowners up to $30,000 per term, savings that could be passed onto renters. RBC has posted record profits year after year; a time of increasing financial suffering for Canadians. Losing HSBC will lead to even higher fees for credit cards, banking fees, and housing.
Reconciliation
RBC finances many projects that lack Indigenous consent and violate land rights, often violently. RBC has no policy on Free, Prior, and Informed Consent, and grossly mistreated Indigenous people at its recent shareholder AGM. Allowing RBC to get bigger exacerbates these longstanding problems of colonialist racist practices.
Climate Chaos
RBC is the top global financer of fossil fuels. In contrast, HSBC offered stronger green finance options in Canada, and recently agreed to stop financing new oil and gas projects globally. RBC had that new policy removed from the terms of this takeover. Losing HSBC will lead to fewer sustainable choices, more money for fossil fuels, and put our climate goals further out of reach.
Trudeau and Freeland Can Stop It
This takeover needs the approval of Trudeau's Minister of Finance.
Chrystia Freeland must not give the green light to more corporate power, less consumer choice, and more climate breakdown.
She must stop this takeover. Learn how you can help.
