RBC's takeover of HSBC will close later, assuming it closes

Mortgage consumers may enjoy an additional quarter of rock-bottom uninsured mortgage rates. That's thanks to delays in RBC's takeover of HSBC Canada.

U.K.-based HSBC now expects RBC's $13.5-billion purchase of its Canadian unit to close in Q1 2024. Initially, it projected the end of this year.

The move coincides with the Competition Bureau's just-announced request for information (RFI)—which solicits feedback from stakeholders. The Bureau is rightly concerned about a "substantial lessening or prevention of competition" thanks to RBC's purchase. Moreover, mortgages are pretty much the regulator's #1 focus, based on HSBC's business makeup, the RFI's wording and a top competition lawyer we consulted.

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