National Bank of Canada Completes C$5 Billion Acquisition of Canadian Western Bank

National Bank of Canada completed its acquisition of Canadian Western Bank on 3 February 2025, closing an all-share transaction valued at about C$5 billion when it was announced (about C$5.6 billion in total equity value at closing). The deal was first announced on 11 June 2024.

Canadian Western Bank brought to the combination C$37 billion in loans and a network of 39 branches across Western Canada and Ontario.

CANADIAN WESTERN BANK

CWB specialised in business banking, equipment financing, and real estate lending in western Canada. Management emphasised that retaining CWB's specialist expertise, relationship-oriented culture, and client relationships would be a central priority throughout the integration process, with western branches expected to maintain continuity of service for existing customers during the transition period.

REGULATORY APPROVALS AND INTEGRATION OUTLOOK

The transaction required approvals from the Office of the Superintendent of Financial Institutions, the Minister of Finance, and other relevant regulatory authorities. Those approvals, including Competition Bureau clearance and the Minister of Finance's approval in December 2024, were secured ahead of the February 2025 closing.

National Bank chief executive Laurent Ferreira said the combined organisation would provide customers with an expanded product and service offering nationally, while maintaining regional expertise. National Bank said it expected to amalgamate CWB into the bank on 1 March 2025.