Mortgage borrowers are among the customer groups likely to be impacted by the acquisition, the bureau added.

“The bureau found evidence of instances where HSBC Canada had materially affected RBC offers for a number of the products examined, including mortgages, high interest savings accounts, GICs and business loans and accounts,” it said.

Still, it concluded that Canada’s other banking giants are effective competitors, with HSBC Canada’s competitive impact limited when compared with the country’s top financial institutions.

The deal, which was first announced by RBC last November, is still subject to approval by the banking regulator and federal finance minister, with the Bureau’s report set to factor into the latter’s decision-making process on the matter.