FILE PHOTO: Real estate sings in TorontoHSBC Canada has become a feisty competitor to Canada’s largest banks since entering the residential mortgage market in a big way in 2016, undercutting rates and taking market share. Others, like Citigroup, focus on niche market segments in Canada, such as corporate services targeting mid-sized companies. “HSBC is and has been the only competitor with low enough funding costs and big enough scale to consistently challenge the Big 6,” he said. Story continuesIn addition, the mortgage rates HSBC offers are “widely used as bargaining chips” to negotiate with other banks. “If they don’t match HSBC’s rates, banks generally discount the customer’s rate to win the deal,” McLister said.

Source: National Post December 01, 2022 05:25 UTC