HSBC plans to muscle in on Canada banks by funding Trudeau projects

HSBC Holdings Plc wants a piece of Justin Trudeau’s infrastructure boom and it’s taking on Canada’s big domestic banks to do it.

The London-based bank is targeting a slice of as much as 10 per cent of the market for infrastructure financing that is dominated by the nation’s five largest lenders, either by partnering with incumbents on deals or leading itself, according to Jason Henderson, HSBC’s head of global banking and markets.

The push comes after voters handed Trudeau’s Liberal Party a mandate in the Oct. 19 vote to fulfill his campaign pledge to boost infrastructure spending by an average of C$4.2-billion ($3.2-billion) during four fiscal years starting next year, and double outlays on public projects – from roads to bridges – over 10 years. Read More…