National Bank to buy Canadian Western Bank after receiving final approval from Finance Minister

in the role. Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, also blessed the transaction on Friday, National Bank spokesperson Debby Cordeiro said via e-mail.in late September, meaning all required approvals have now been received. The deal is set to close on Feb. 3, the two banks said in a joint statement, and National Bank intends to provide financial information related to the deal alongside its first-quarter results on Feb. 26.

Montreal-based National Bank said it will start including CWB in its own consolidated financial results starting in the second quarter of 2025. Current Canadian Western shareholders will own about 10.5 per cent of National Bank after the deal closes and National Bank has said it will add two Canadian Western directors to its board.

National Bank is the country’s sixth-largest bank, with $462-billion in assets. The combined entity will have 19 branches in British Columbia and 17 in Alberta. National Bank currently has only three branches in each province.

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Canadian Western Bank says legal claim delayed its fourth-quarter earnings releaseThe Edmonton-based bank says a legal claim against a subsidiary of CWB was received late into the process of approving and disclosing its annual financial results
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Canadian Western Bank Says Legal Claim Caused Earnings DelayCanadian Western Bank said the reason it delayed release of its fourth-quarter earnings Friday was because it received a legal claim against a subsidiary that needed “prudent investigation.”
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