The Leader of Canada’s NDP, Jagmeet Singh, made the following statement in response to the potential merger of RBC and HSBC
MEDIA RELEASE: Merger will mean more profits for huge banks, less options for Canadians
“Canadians are already struggling with the high cost of essentials and higher interest rates and fees to the big banks in Canada. Today's news of the potential merger of two large banks is only going to decrease the options for families in Canada and put more money into the pockets of big bank executives.
Let's be clear: this is an opportunity for RBC to make even more money while hardworking people playing by the rules and doing everything right, still can’t get ahead. The Liberal government has the power to stop this merger and protect Canadians. This will not be good for Canadians and their budgets.
While the cost-of-living soars, time and again, Justin Trudeau's Liberals and Pierre Poilievre's Conservatives are standing with the big banks and their profits instead of Canadian families and their pocketbooks.
Canadians need results – they need money back in their pockets, not more platitudes and empty words. New Democrats are pushing the government to stand up for Canadians and not approve this merger, strengthen the Competition Act and close tax loopholes used by the ultra-rich and make them pay what they owe.
New Democrats know who we stand with – and that's you and your family. We're going to keep fighting for you, not the big banks looking to make even bigger profits at your expense.”