MONTREAL, July 7, 2020 /CNW Telbec/ - National Bank
and Nest Wealth, a leader in financial investment technology, are
proud to announce that they are expanding their partnership.
Through its corporate venture capital arm NAventures, National Bank
will make an additional strategic minority investment in Nest
Wealth. The Bank previously invested in Nest Wealth in
2017. The two companies will also extend the scope of their
commercial agreement.
The expanded commercial agreement will allow National Bank
to accelerate the development of some of its digital initiatives.
It will especially benefit the portfolio managers and independent
brokers who do business with National Bank Independent
Network (NBIN), as well as retail clients, who will enjoy the
improved features rolled out via the National Bank savings
experience.
The National Bank savings experience was developed after
the first commercial agreement was signed in 2017. To date, tens of
thousands of clients have opened an account and used it on their
computer or smartphone to set goals and finance projects.
Quotes
"National Bank is pleased to be enhancing its partnership with
Nest Wealth with an additional minority investment and the
expansion of the commercial agreement. We've been successfully
collaborating with this talented team for many years now. This has
allowed us to give Bank clients more online investment
services. Our goal is to offer easy, fast and convenient
solutions while promoting the value of financial advisory
relationships. This is even more important in the current context,"
said Lucie Blanchet, Executive
Vice-President – Personal Banking and Client Experience at National
Bank.
"The enhanced collaboration between National Bank and Nest
Wealth, a leading Canadian fintech, will make it possible to offer
a new digital experience, including a cutting-edge platform, to the
hundreds of independent firms that do business with NBIN,"
said Patrick Primerano, President of National Bank Independent
Network (NBIN).
"Nest Wealth is excited to deepen our partnership with the
forward-thinking team at National Bank. This is a bold next step in
our collaboration to provide the clients they serve with the best
digital wealth solutions available. Mutually beneficial
partnerships between established financial institutions and agile
fintech firms represent the future of our industry and we're
proud to be making this transformative move, together," said
Randy Cass, Founder and CEO of Nest
Wealth.
Related link
National Bank and Nest Wealth Announce a Strategic Minority
Investment and Commercial Agreement
Caution Regarding Forward-Looking
Statements
This press release includes
certain forward-looking statements. These statements are inherently
subject to significant risks, uncertainties and changes in
circumstances, many of which are beyond the control of the Bank or
of Nest Wealth, including, the Bank's ability to complete the
integration of Nest Wealth's technology successfully, changes in
general economic and market conditions in the areas where the Bank
and Nest Wealth do business and the effects of competition in the
markets in which the Bank and Nest Wealth operate. Except as
required by law, the Bank does not undertake to update any
forward-looking statements, whether written or oral, that may be
made from time to time, by it or on its behalf. The forward-looking
information contained in this press release is presented for the
purpose of interpreting the information contained herein and may
not be appropriate for other purpose.
About National Bank of Canada
With $317 billion in assets as at April 30, 2020, National Bank of
Canada, together with its
subsidiaries, forms one of Canada's leading integrated financial groups.
It has more than 26,000 employees in knowledge-intensive
positions and has been recognized numerous times as a top employer
and for its commitment to diversity. Its securities are listed on
the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities
at nbc.ca or via social media such
as Facebook, LinkedIn and Twitter.
About National Bank Independent Network
With
30 years of continuous service and a team of more than 200
professionals, National Bank Independent Network (NBIN) is
Canada's leading provider of
custody, trade execution, and brokerage solutions to independent
wealth management firms. National Bank Independent Network (NBIN)
is a division of NBF Inc., which is an indirect, wholly owned
subsidiary of National Bank of Canada.
About NAventures
NAventures, the corporate
venture capital arm of National Bank of Canada, takes equity stakes in startups and
growing businesses to foster growth in companies that will shape
the financial institutions of the future. Follow NAventures
activities at nbc.ca/naventures.
About Nest Wealth
Founded in 2014, Nest
Wealth created Canada's first
SaaS-based digital wealth management platform to ensure all
investors have access to sophisticated, personalized and
transparent wealth management services. Wealth management
firms and individual advisors can provide and manage virtually any
investment to any investor through any distribution channel with
Nest Wealth's configurable white label practice management tool.
Nest Wealth also offers an automated, low-fee and transparent
direct-to-investor wealth management solution that makes it easier
for them to reach their financial goals. Nest Wealth has been
chosen by some of Canada's largest
wealth management firms and financial institutions to modernize
their wealth management platforms. For more information, please
visit https://www.nestwealth.com/.
SOURCE National Bank of Canada