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Minister of Finance approves National Bank's acquisition of Canadian Western Bank.
Approval concludes the regulatory process, following reviews by the Office of the Superintendent of Financial Institutions (OSFI) and the Competition Bureau.
Closing expected to occur on February 3, 2025.
MONTREAL and EDMONTON, AB, Dec. 20, 2024 /CNW/ - National Bank of Canada ("National Bank") (TSX: NA) welcomes the decision by the federal Minister of Finance to approve the previously announced acquisition of Canadian Western Bank ("CWB") (TSX: CWB).
"We are pleased that the transaction has received final approval from the Minister of Finance. This is great news for Canadians and will allow our two complementary banks to unite and enhance services for our clients. This approval marks the conclusion of a thorough regulatory process, having already received clearance from the Office of the Superintendent of Financial Institutions (OSFI) and the Competition Bureau. I want to thank those involved for their diligent review of this important transaction. A new and exciting chapter is beginning for National Bank and CWB as we come together. We are strengthening National Bank's position across the country and allowing for more growth in Western Canada, building on the excellent reputation and solid foundation set by CWB," said Laurent Ferreira, President and CEO of National Bank.
"This is a fantastic outcome for our clients, our teams and the communities in which we operate. We're excited to join forces with National Bank to offer our clients access to a more comprehensive product and service platform on a national scale. We look forward to continuing to support our clients with the same highly personalized service and regional expertise we've always been known for," said Chris Fowler, President and CEO of CWB.
Following this last remaining approval, National Bank and CWB will work together to ensure a smooth transition to National Bank for CWB clients and employees, who will receive additional information shortly, as both banks work towards completing the transaction.
National Bank intends to provide relevant financial information related to the transaction upon the release of its first quarter results, scheduled for February 26, 2025. As we expect this transaction to be completed on February 3, 2025, National Bank will include CWB in its consolidated financial results starting in the second quarter of 2025.
About National Bank
With $462 billion in assets as at October 31, 2024, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media.
About CWB
CWB is the only full-service bank in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. CWB provides its nationwide clients with full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Clients choose CWB for a differentiated level of service through specialized expertise, customized solutions, and faster response times relative to the competition. CWB people take the time to understand its clients and their business, and work as a united team to provide holistic solutions and advice.
As a public company on the TSX, CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 preferred shares) and "CWB.PR.D" (Series 9 preferred shares). CWB is firmly committed to the responsible creation of value for all its stakeholders and its approach to sustainability will support its continued success. Learn more at .
