National Bank of Canada NA -0.01%decrease; red down pointing triangle agreed to acquire Canadian Western Bank CWB 0.50%increase; green up pointing triangle in a share-swap deal valued at about 5 billion Canadian dollars ($3.63 billion), aided by a sizable investment from one of North America’s biggest pension funds.
The transaction, pending regulatory approval, would give Montreal-based National Bank — the smallest of Canada’s so-called Big Six chartered banks — a broader foothold in western Canada, which is the center of the country’s energy and mining sector. The Caisse de dépôt et placement du Québec, one of Canada’s and North America’s biggest pension funds, is backing National Bank’s deal through a C$500 million investment in National Bank.
Source: WSJ
