EDMONTON, AB, May 3, 2024
/CNW/ - Canadian Western Bank (CWB) today announced its intention
to redeem all outstanding $250
million 3.668% Series F Subordinated Debentures
(Non-Viability Contingent Capital (NVCC)) due June 11, 2024 for 100 per cent of their principal
amount plus accrued interest to, but excluding, the redemption
date. The redemption will occur on June 11,
2024. Formal notice will be delivered to the Debenture
holders in accordance with the terms and conditions set forth in
the related trust indenture.
The redemption has been approved by the Office of the
Superintendent of Financial Institutions and will be financed out
of CWB's general corporate funds. Subsequent to the redemption,
CWB's Total capital ratio will remain well above the regulatory
minimum of 10.5% and above management's operating targets.
About CWB Financial
Group
CWB is the only full-service financial institution in
Canada with a strategic focus to
meet the unique financial needs of businesses and their owners. We
provide nation wide full-service business and personal banking,
specialized financing, comprehensive wealth management offerings,
and trust services. Our teams deliver a uniquely proactive and
differentiated level of service to clients in targeted industries
where we have deep expertise. Clients choose CWB for our highly
personalized service, specialized expertise, customized solutions
and faster response times.
As a public company on the Toronto Stock Exchange (TSX), CWB
trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series
5 preferred shares) and "CWB.PR.D" (Series 9 preferred shares). We
are firmly committed to the responsible creation of value for all
our stakeholders and our approach to sustainability will support
our continued success. Learn more at www.cwb.com.
SOURCE CWB Financial Group