- 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.
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
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 www.cwb.com.
FORWARD-LOOKING INFORMATION
From time to time, National Bank and CWB make written and verbal
forward-looking statements. Statements of this type are included in
this press release and may be included in filings with Canadian and
U.S. securities regulators or in other communications such as media
releases and corporate presentations. Forward-looking statements in
this press release may include, but are not limited to, statements
regarding the expected benefits of the transaction, National Bank's
integration of CWB and the expected closing date of the
transaction. Forward-looking statements are typically identified by
the words "believe", "expect", "anticipate", "intend", "estimate",
"may increase", "may impact", "goal", "focus", "potential",
"proposed" and other similar expressions, or future or conditional
verbs such as "will", "should", "would" and "could".
By their very nature, forward-looking statements involve numerous
assumptions and are subject to inherent risks and uncertainties,
which give rise to the possibility that National Bank's and/or
CWB's predictions, forecasts, projections, expectations, and
conclusions will not prove to be accurate, that National Bank's
and/or CWB's assumptions may not be correct, and that National
Bank's and/or CWB's strategic goals will not be achieved.
Assumptions underlying forward-looking statements included in this
press release also include the satisfaction of the remaining
conditions to closing of the transaction and timing of completion
of the transaction.
Forward-looking statements in this press release are based on a
number of assumptions and are subject to risk factors, many of
which are beyond National Bank's and CWB's control and the impacts
of which are difficult to predict. These risk factors include, but
are not limited to, National Bank's inability to successfully
integrate CWB upon completion of the transaction; the possible
delay or failure to close the transaction; the potential delay or
failure to realize the anticipated benefits from the transaction;
National Bank's reliance upon publicly available information of
CWB; potential undisclosed costs or liability associated with the
transaction; National Bank or CWB being adversely impacted during
the pendency of the transaction; and assumptions about future
events, including economic conditions and proposed courses of
action, based on National Bank and CWB management's assessment of
the relevant information available as of the date hereof; and
National Bank's and CWB's ability to anticipate and manage the
risks associated with these factors. It is important to note that
the preceding list is not exhaustive of possible factors.
Additional information about certain factors and additional risk
factors can be found in the "Risk Management" section of CWB's 2024
Annual MD&A, in the "Risk Management" section of National
Bank's 2024 Annual Report, as well as in other reports and
documents filed by National Bank and CWB with securities regulators
or securities commissions from time to time and other documents
that National Bank and CWB makes public. These and other factors
should be considered carefully, and readers are cautioned not to
place undue reliance on these forward-looking statements as a
number of important factors could cause CWB's and/or National
Bank's actual results to differ materially from the expectations
expressed in such forward-looking statements. Any forward-looking
statements contained in this press release represent CWB's and
National Bank's views as of the date hereof. Unless required by
law, neither CWB or National Bank undertake to update any
forward-looking statement, whether written or verbal, that may be
made from time to time by or on behalf of CWB or National Bank. CWB
and National Bank caution investors that these forward-looking
statements are not guarantees of future performance and that actual
events or results may differ significantly from these statements
due to a number of factors.
SOURCE Canadian Western Bank