National Bank of Canada says it’s received approval from the federal finance minister to acquire Canadian Western Bank.
The Montreal-based bank says it’s pleased to see the last milestone in the regulatory process complete.
The approximately $5-billion takeover is set to be completed on Feb. 3, 2025.
It says the two banks will work together to make sure the transition is smooth.
National Bank chief executive Laurent Ferreira said earlier this month that the proposed acquisition is a key pillar in the company’s domestic growth in the coming year.
National Bank says it will start including CWB in its financial results beginning in the second quarter of 2025.
This report by The Canadian Press was first published Dec. 20, 2024.
Companies in this story: (TSX:NA, TSX:CWB)
The Canadian Press