Canada'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.
received the federal competition watchdog’s blessing for its proposed $5-billion takeover of Canadian Western Bank The Competition Bureau of Canada signed off on the second planned takeover of one of the country’s 10 largest banks in the past year. In March, Royal Bank of Canada purchased HSBC Bank Canada for $13.5-billion.
“We are pleased that the Competition Bureau has concluded its review of this transaction, and to have its approval to bring together these two great banks which have a complementary footprint in personal and commercial banking,” said Laurent Ferreira, chief executive officer at National Bank, in a press release on Thursday.
If the takeover is approved by OSFI and the finance minister, National Bank estimates it can cut its annual costs by approximately $270-million. However, Mr. Ferreira has declined analysts’ requests to detail the bank’s integration strategy and potential synergies.
Banking Mergers Acquisitions National Bank Canadian Western Bank Competition Bureau
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