National Bank Receives Final Approval for Canadian Western Bank Acquisition

The National Bank of Canada’s $5-billion acquisition of Canadian Western Bank (CWB) has cleared its final regulatory approval, marking a significant milestone in the deal. With the approval from the federal finance minister, the acquisition is set to be completed on February 3, 2025.

Final Approval Clears the Path for Completion

The approval from the finance minister comes after the transaction received the green light from both the Office of the Superintendent of Financial Institutions and the Competition Bureau. Canadian Western Bank’s shareholders also voted in favor of the deal in September, solidifying the steps toward its finalization.

Laurent Ferreira, President and CEO of National Bank, expressed his enthusiasm for the approval. “This is great news for Canadians and will allow our two complementary banks to unite and enhance services for our clients,” Ferreira stated in a press release.

A New Chapter for National Bank and CWB

Ferreira emphasized that this acquisition represents the beginning of an exciting new chapter for both National Bank and Canadian Western Bank. The merger will not only strengthen National Bank’s presence in Canada, but it is also a key element of its domestic growth strategy for 2025.

Expanding National Bank’s Presence in Western Canada

The takeover will provide National Bank with an enhanced position across the country, with particular focus on expanding its footprint in Western Canada. As National Bank continues to grow, this acquisition is expected to play a vital role in its plans for further expansion in the region.

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Ensuring a Smooth Transition for Clients and Employees

Both banks will now work together to ensure a smooth transition for Canadian Western Bank’s clients and employees. National Bank has assured that additional information will be provided shortly to guide both groups through the next steps.

National Bank also announced that it will begin including CWB in its financial results starting in the second quarter of 2025.

This merger is expected to bring greater opportunities for both banks, bolstering National Bank’s reach and services across the country.