RBC will benefit from HSBC deal amid competition concerns: portfolio manager
BNN Bloomberg
RBC’s deal to acquire HSBC will benefit Canada’s largest lender, but Canadians should have competition-related concerns, one portfolio manager says.
On Friday, HSBC said it anticipates the sale of its Canadian operations to RBC to close in the first quarter of 2024 after the transaction received approval from Finance Minister Chrystia Freeland Thursday.
Grant White, a portfolio manager and investment advisor at iA Private Wealth, said in an interview with BNN Bloomberg Friday that after clearing the final hurdle Thursday, the deal will see Canada’s largest lender acquire the seventh-largest lender in the country
“As an RBC shareholder, I love the deal. As a Canadian, I think that we need to be very critical of competition in all of our industries,” White said.
