The first consequential decision Canada’s new Finance Minister Dominic LeBlanc made wasthe merger between the Quebec-based National Bank of Canada and the Alberta-based Canadian Western Bank, combining the sixth and ninth largest banks by assets in Canada. His approval came on the Friday before Christmas, when much of Bay Street and the country’s attention was on the holidays ahead. Yet this merger will attract attention in the coming months, and for good reason.
It is a merger unlike any other in Canada’s banking history, combining two regional institutions that have been serving the needs of businesses and consumers neglected by the Big Five banks. As such, the path to success will not mimic usual post-merger stories where the narrative is defined by a top-to-bottom efficiency squeeze shedding executives, middle management and others, though there will be some of that. These are different banks serving different markets with unique organizational cultures. The first indication of this merger’s difference was evident in National Bank’s Junewhere it declared that the deal would keep CWB’s branch footprint, Edmonton-based executive and operational presence. This isn’t typical of Canadian bank mergers. When RBC’s deal to buy HSBC Canada was approved in December, 2023, all Canada’s largest bank couldOpened in 1984 in Edmonton, the Canadian Western Bank has emphasized local decision-making and management by common-sense people frustrated with central Canadian banks. CWB’s vision was simple: A Western Canadian bank designed for westerners that provides commercial and other credit frequently denied by bureaucratic Toronto banks.in 1859 by a group of Quebec City businessmen who were committed to serving Francophones. It is and has been a critical part of Quebec’s business and political community ever since. Its purpose included addressing frustration with Anglophone-dominated banks that delivered insufficient service to Quebec’s majority French-speaking populatio
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