It's because there's a perception that exists at the federal level that the financial sector in Canada consists of six banks. That's an exaggeration, but not really. These are six federally regulated financial institutions that do represent the lion's share of financial services in Canada. If you're the federal government, it's a lot easier to deal with six institutions instead of 250. But if you're only dealing with six, you're missing 20% of the market; 50% of the market, in some provinces.
On November 17th, 2022. See this statement in context.