National Bank of Canada’s $5-billion takeover of Canadian Western Bank has cleared its final regulatory hurdle.
The Montreal-based National Bank said Friday the federal finance minister has approved the deal, marking the last milestone in the takeover set to be completed on Feb. 3, 2025.
“This is great news for Canadians and will allow our two complementary banks to unite and enhance services for our clients,” said Laurent Ferreira, president and CEO of National Bank, in a news release.
“A new and exciting chapter is beginning for National Bank and CWB as we come together.”
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The deal previously received approvals from the Office of the Superintendent of Financial Institutions and the Competition Bureau. Canadian Western Bank shareholders voted in favour of the transaction in September.
National Bank has called its takeover of the Edmonton-based Canadian Western Bank a key pillar of its domestic growth strategy for 2025. Ferreira said the acquisition will strengthen National Bank’s position across the country and allow for more growth in Western Canada.
The Montreal-based bank said Friday that the two companies will now work together to ensure a smooth transition for both CWB clients and employees, who will receive additional information about next steps shortly.
National Bank will start including CWB in its financial results beginning in the second quarter of 2025, the company said.
© 2024 The Canadian Press
