MONTREAL — Canada's banking sector is facing further consolidation as National Bank of Canada has reached an all-share deal to acquire Canadian Western Bank that values the lender at about $5 billion.
MONTREAL — Canada's banking sector is facing further consolidation as National Bank of Canada has reached an all-share deal to acquire Canadian Western Bank that values the lender at about $5 billion.
The deal comes just months after RBC closed its $13.5-billion acquisition of HSBC Canada, which drew criticism for increasing market concentration as it meant the loss of what was Canada's seventh-largest bank. The deal will also see National expand its lending portfolio outside of Quebec by 37 per cent as it takes on Canadian Western's $37 billion in commercial-focused loans.
"We will work with CWB clients to increase banking services and increase investment in Western communities," said Ferreira. It says the exchange ratio values each CWB share at $52.24, representing a 110-per-cent premium to Tuesday's closing price of $24.89.
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