National Bank of Canada and Canadian Western Bank have announced a definitive agreement for National Bank to acquire Canadian Western Bank (CWB). This acquisition will merge two complementary financial institutions, enhancing their ability to provide comprehensive products and services nationwide, while maintaining a regional focus.
Under the terms of the agreement, National Bank will acquire all issued and outstanding common shares of CWB through a share exchange, valuing CWB at approximately $5.0 billion.
“This transaction represents significant growth by combining two strong banks with complementary footprints in personal and commercial banking,” said Laurent Ferreira, President and CEO of National Bank. “CWB has built a reputable banking franchise with deep customer relationships across various key industries. This merger will broaden the range of services, expertise, and products available to customers and support technological investments and innovation. Together, we will enhance our commercial and retail banking, wealth management, and capital markets franchises, unlocking significant value for our clients and creating a stronger banking option for Canadians and Canadian businesses.”
CWB, with $37 billion in loans, is a full-service bank focused on servicing businesses, their owners, and their families. It offers business and personal banking, equipment financing, trust services, and wealth management through its 39 branches across Western Canada and Ontario. This acquisition will increase National Bank’s commercial banking portfolio by approximately 52%, enhancing loan and revenue diversification.