Finance Minister Chrystia Freeland authorized the merger of HSBC Bank Canada with RBC on Thursday. (File photo)
In a brief update released on Friday, HSBC confirmed that it continues to make progress with RBC on the implementing the transaction.
Many people had called for RBC's acquisition of HSBC Canada to be blocked, as they believed such a merger would harm competition in the already highly concentrated banking industry.
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The Conservative leader, Pierre Poilievre, had called for the blocking of the ;agreement, saying Canada's banking sector is too concentrated and the loss of HSBC Canada will only make the situation worse.
The committee of Finance of the House of Commons also expressed fears that this transaction would harm competition.
RBC President and CEO Dave McKay , maintains that competition will remain strong in the country in the banking sector, despite this merger. (File photo)
RBC CEO Dave McKay said rejecting the deal would have been a bad signal for foreign investors.
In an interview on Thursday, Mr. McKay maintained that there is strong competition in the banking sector and that the acquisition of HSBC Canada by his institution will not change anything.