Canadian Western Bank says legal claim delayed its fourth-quarter earnings release

Canadian Western Bank said that it postponed the release of its fourth-quarter earnings Friday due to a recent legal claim against one of its subsidiaries that required “prudent investigation.”in Toronto on Friday after the lender abruptly postponed its earnings release without explanation. The sudden nature of the change prompted widespread speculation among investors that it was related to National Bank of Canada’s deal to acquired CWB.

The Edmonton-based bank said that a legal claim against CWB Maxium Financial Ltd. , a subsidiary of CWB, was received late into the process of approving and disclosing its annual financial results. The final step will be for Finance Minister Chrystia Freeland to green-light the deal. Ferreira added that he expects the deal to close in early 2025.

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