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House Finance Committee unanimously calls on government to block RBC takeover

MP's from all parties supported the motion, while the governing Liberals on the committee abstained.

As reported in the Globe and Mail, the finance committee in the House of Commons voted yesterday to call on the governemt to block the takeover of HSBC Canada by RBC. The vote passed unanmiously. From the Globe:

In a report tabled by the House finance committee late Wednesday evening, the group recommended that Finance Minister Chrystia Freeland – who has the final say on the deal – reject the merger. Each of the six opposition party members on the committee voted in favour of the motion, while the six Liberals abstained. The Conservative-led motion said that Canada’s competitive “intensity” is in decline, that the small number of financial institutions in the Canadian banking sector represents a lack of competition and that the loss of a lender could cause banking fees to rise.

Read the full story in the Globe.


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