Skip to Main content

17.15°^C Vancouver

News Entertainment Sports Videos Shows Podcast Contact Us

Oct 20, 2023 6:16 PM - The Canadian Press

Poilievre calls on Ottawa to block RBC's $13.5B takeover of HSBC Canada

Share On

poilievre-calls-on-ottawa-to-block-rbcs-13-5b-takeover-of-hsbc-canada

Poilievre says in a statement that Canada's banking sector is overly concentrated, and that Finance Minister Chrystia Freeland should stop the deal to improve competition in areas such as mortgage rates. photo :The Canadian Press

Conservative Leader Pierre Poilievre is calling for the federal government to block Royal Bank of Canada's $13.5-billion takeover of HSBC Canada as a way to help with housing affordability.

Poilievre says in a statement that Canada's banking sector is overly concentrated, and that Finance Minister Chrystia Freeland should stop the deal to improve competition in areas such as mortgage rates.

RBC spokesman Andrew McGrath says in a statement that the takeover is in the best interest of HSBC Canada clients and that the Competition Bureau's review did not identify Competition Act concerns with the deal.

In its review, the federal regulator said the takeover wouldn't likely result in a substantial lessening of competition.

The deal must still be approved by Freeland, whose decision will be informed by the regulatory review processes, says Katherine Cuplinskas, a spokeswoman for the minister.

Critics have been pushing to block the deal since it was announced in November last year, arguing that HSBC Canada adds important market pressure especially in areas like mortgage rates and climate policies.

Latest news

RCMP marine unit rescues 11 people after canoe overturns in Burrard Inlet

Eleven people, including several youths, were rescued from the waters of Burrard Inlet after a large canoe overturned near Ambleside Beach on Saturday afternoon, according to the BC RCMP. Police said officers with the RCMP Tactical Marine Operations Group (TMOG), who were conducting patrols in Burrard Inlet, received a distress call over Marine VHF Channel at about 3:30 p.m. on July 5 reporting an overturned canoe off Ambleside Beach. Four TMOG vessels were dispatched to the scene. According to the RCMP, officers arriving at the location found all 11 occupants clinging to the overturned canoe.

AlbertaJul 08, 2026

Report says Alberta has widest gender pay gap in Canada

Women in Alberta continue to earn less than men than in any other province, according to a new report from the Canadian Centre for Policy Alternatives (CCPA). The report found that women in Alberta earn 64 cents for every dollar earned annually by men, compared with a national average of 72 cents. Looking at weekly earnings, women in the province earn 71 cents for every dollar earned by men, while the national average is 80 cents, according to the report. Katherine Scott, a senior researcher with the CCPA, said Alberta has ranked at or near the bottom nationally for years. She said the provinc

family-distracted-store-staff-while-children-swiped-jewelry-calgary-police

AlbertaJul 08, 2026

Family distracted store staff while children swiped jewelry: Calgary police

Police say six family members, including children, worked as a team to pull off a jewelry store heist in Calgary. They say the family went into the store at CF Market Mall last month. Police allege that while adult family members spoke with staff, an eight-year-old and a 16-year-old swiped nearly $4,000 worth of jewelry. An employee called police and officers located the family members, some of whom were in a stolen truck, and stolen items were found. Police say two boys, ages 8 and 9, were returned to their father, who isn't involved in the case. Four others face several theft charges

u-s-tourist-in-critical-condition-after-cyclist-strikes-couple-in-downtown-vancouver-crosswalk

U.S. tourist dies after cyclist collision at downtown Vancouver crosswalk

A 72-year-old man from the United States has died after being struck by a cyclist while crossing a downtown Vancouver street, according to the Vancouver Police Department. Police said the collision happened on June 29 at the intersection of West Cordova and Richards streets. Investigators said the man and his wife were crossing in a marked crosswalk and had the right of way when they were hit by a cyclist. The man was taken to hospital in critical condition and underwent emergency surgery following the crash. Police confirmed he died in hospital on Sunday. His wife suffered minor injuries and

CanadaJul 08, 2026

WSO welcomes Operation Hard Ball arrests, says questions remain about alleged role of Indian authorities

The World Sikh Organization of Canada (WSO) has welcomed Operation Hard Ball, a joint law enforcement initiative by authorities in the United States, Canada and Europe targeting the Lawrence Bishnoi network and other India-based organized crime groups. In a statement, WSO President Danish Singh said the arrests made through the operation represent an important step but argued that questions remain about how Lawrence Bishnoi was allegedly able to operate an international criminal network while in custody in India. Singh also called for scrutiny of whether any Indian officials played a role in f

Related News

WSO welcomes Operation Hard Ball arrests, says questions remain about alleged role of Indian authorities

WSO welcomes Operation Hard Ball arrests, says questions remain about alleged role of Indian authorities

The World Sikh Organization of Canada (WSO) has welcomed Operation Hard Ball, a joint law enforcement initiative by authorities in the United States, Canada and Europe targeting the Lawrence Bishnoi network and other India-based organized crime groups. In a statement, WSO President Danish Singh said the arrests made through the operation represent an important step but argued that questions remain about how Lawrence Bishnoi was allegedly able to operate an international criminal network while in custody in India. Singh also called for scrutiny of whether any Indian officials played a role in f

Carney voices support for U.S. action on Iran during NATO summit, according to report

Carney voices support for U.S. action on Iran during NATO summit, according to report

Prime Minister Mark Carney expressed support for recent U.S. military strikes on Iran during a NATO summit in Ankara, according to the information provided. The reported remarks described the military action as an appropriate response to alleged ceasefire violations. According to the report, Carney said Iran had continued targeting locations in Saudi Arabia and Qatar in what he characterized as irresponsible actions, adding that the U.S. response had become necessary. The report also said U.S. President Donald Trump announced an end to a ceasefire with Iran and criticized NATO allies, accusing

Public Safety Minister says Operation Hard Ball delivers major blow to organized crime networks

Public Safety Minister says Operation Hard Ball delivers major blow to organized crime networks

Canada's Minister of Public Safety, Gary Anandasangaree, says a joint FBI and RCMP investigation known as "Operation Hard Ball" has dealt a significant blow to three transnational organized crime groups, including the Lawrence Bishnoi and Jaggu Bhagwanpuria gangs. He said individuals involved in intimidation and violent criminal activity in Canada will continue to face enforcement action. According to the minister, authorities have made 24 arrests worldwide as part of the operation, including three arrests in Canada. He said the coordinated investigation has disrupted criminal networks accused

Legals

Journalism code of ethics

© 2021 AKASH Broadcasting Inc.

MANAGED BY STRATWIT

useful links

Accessibility Plan

Broadcasting Notice of Consultation

BC Children's Hospital