Canadian regulators to review sale of HSBC's Canada business to RBC

Canadian regulators will review the sale of HSBC's business in Canada to Royal Bank of Canada for C$13.5 billion ($10 billion) in cash, the Canadian government's finance department said on Tuesday.

"The Office of the Superintendent of Financial Institutions (OSFI) will administer the application process and provide a recommendation to the Minister of Finance. The Competition Bureau, under the Competition Act, will also review the transaction," the department said in a statement.