HSBC Holdings plcHSBC is considering selling its business in Canada without disclosing the potential valuation of the business. It has tappedJP Morgan Chase & CoJPM to handle a potential sale. As per the lawyers and analysts, the potential sale could discourage big domestic banks from bidding as the government has charged the antitrust regulator to push for more competition, Reutersreported. Canada is one of the world's most concentrated markets. According to Reuters calculations, the top six banks control about 80% of total assets, about double the saturation of the U.S., where the top five banks control 40%. Related:HSBC's Largest Shareholder Stresses On Asia Business Spinoff To Boost Market Values. Due to high saturation, Canadian banks are expanding overseas to reduce their exposure, and the Competition Bureau Canada was granted more powers to prevent further concentration. Sale to a Chinese bank would not have antitrust problems but could be entangled in national security concerns. Analysts estimate HSBC's Canadian unit could be valued at around $5.9-$7.4 billion. Analysts said smaller lenders, such as theNational Bank of CanadaNTIOF and some Chinese suitors, are likely to show interest. The report cited Keefe, Bruyette & Woods' research note that HSBC's footprint in western Canada could give an instant diversification to Montreal-based National Bank. Price Action:HSBC shares are down 0.63% at $26.84 during the premarket session on the last check Thursday. Photo Via Company