Canada's antitrust regulator said on Tuesday it has sought additional information in its review of Smith Financial Corp's planned C$1.7 billion ($1.3 billion) bid for lender Home Capital Group Inc (HCG) .
The entry to the Home Capital Group's headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada May 1, 2017. REUTERS/Chris HelgrenTORONTO, April 4 - Canada's antitrust regulator said on Tuesday it has sought additional information in its review of Smith Financial Corp's planned C$1.
The regulator declined to provide a timeline of its review, saying it is obligated to "conduct its work confidentially." Home Capital and Smith Financial were unavailable for immediate comment. Canada's already consolidated banking industry had two more M&A deals last year, including Smith Financial's Home Capital bid, giving six lenders control of about 90% of the market. Consumer advocates have complained about higher transaction fees than in the United States.announced the purchase of HSBC's Canada unit, a transaction also under regulatory review.five years ago, announced in November it would be taken private by Smith Financial.
"There is no surprise that the competition bureau is reviewing this transaction; in fact, it should have been expected," said Arthur Salzer, CEO at Northland Wealth Management, a Home Capital shareholder.
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