National Bank's plan to takeover Canadian Western Bank still requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.
Canada’s banking sector faces further consolidation as the National Bank of Canada has reached an all-share deal to acquire Canadian Western Bank that values the lender at about $5 billion. Anne Gaviola has this story and more in Business Matters for Wednesday June 12, 2024 – Jun 12, 2024
The transaction still requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.National Bank announced an all-stock deal to buy Canadian Western in June in a proposal that valued the Edmonton-based lender at about $5 billion.The move came as National Bank, the sixth largest in Canada, sets its sight on expanding out west to become a stronger national competitor.
The deal will also see National expand its lending portfolio outside of Quebec by 37 per cent as it takes on CWB’s $37 billion in commercial-focused loans.
Canadian Western Bank Competition Bureau Canada Money
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
National Bank Gets Green Light For $5 Billion Takeover Of Canadian Western BankCanada's National Bank has received approval from the Competition Bureau of Canada for its proposed $5 billion acquisition of Canadian Western Bank. This marks the second major bank merger in Canada within a year, following Royal Bank of Canada's purchase of HSBC Bank Canada earlier this year.
Read more »
Canadian Western Bank shareholders approve National Bank takeoverEDMONTON — Canadian Western Bank says shareholders have overwhelmingly voted in favour of a sale of the company to National Bank of Canada.
Read more »
Canadian Western Bank shareholders approve National Bank takeoverCanadian Western Bank says shareholders have overwhelmingly voted in favour of a sale of the company to National Bank of Canada.
Read more »
National Bank receives Competition Bureau clearance for deal to buy CWBMONTREAL — National Bank of Canada says it has cleared a key regulatory hurdle in its proposed acquisition of Canadian Western Bank.
Read more »
4 Western Canadian ski resorts report snow in AugustSeasons come and seasons go, but snow in August? It happened Wednesday in Sunshine Village for the second time in the past week and a few other Western Canadian ski resorts as well.
Read more »
Will Western Canada’s hotels be affected by future wildfires?Amid worsening fire seasons, investors see potential in Western Canadian hotels.
Read more »