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National Bank of Canada acquires Canadian Western Bank for approximately C$5B


Date

February 3, 2025

Office Involved

Value

5 Billion CAD

On February 3, 2025, National Bank of Canada ("National Bank") acquired all of the issued and outstanding shares of Canadian Western Bank ("CWB") by way of share exchange, valued at approximately C$5 billion.

As part of the transaction, National Bank completed an equity financing comprised of a public offering and concurrent private placement to an affiliate of Caisse de dépôt et placement du Québec of subscription receipts for aggregate gross proceeds of C$1 billion. The public offering was underwritten by a syndicate of underwriters led by National Bank Financial Inc.

McCarthy Tétrault advised National Bank on all aspects of this transaction.

National Bank, headquartered in Montreal, Quebec, Canada, is the sixth largest commercial bank in Canada with over 400 branches nationwide.

CWB, headquartered in Edmonton, Alberta, Canada, is a bank providing expert advice and specialized financial services for business banking, personal banking or wealth management.

McCarthy Tétrault advised National Bank with a team led by Patrick Boucher that included Fraser Bourne, Laurence Cromp-Lapierre, David Frost, Michael Eldridge, Hadrien Montagne, Sean Sadler, Vincent Laurin, Mathieu Leblanc, Hartley Lefton, Sonia Struthers, Brian Lipson, Michael Bennett, Robert Richardson, Michel Deschamps, Ivor Selimovic, Michael Shahinian, Christopher Yam, Philippe April, Ariane Monjauze, Konstantin Sobolevski, Jo-Anna Brimmer, Thierry Côté, Janie L.-Roy, Sonia Bardakjian, Sheema Rezaei, Annie Poirier-Simard, Liam Rompre, Samantha Morel, Jonathan Brisebois, Vincent Couto, Kevin Gao, Daryna Kutsyna, Jerry Lan, Connor O'Brien, Samuil Stoychev (Business Law), Susan Nickerson, Julia Miller (Pensions, Benefits, & Executive Compensation), Raj Juneja, Kabir Jamal, Dominic Bédard-Lapointe, Nicolas Cloutier, Stephanie Dewey, Simon Douville, Nigel Johnston, Marie-Soleil Landry, Christian Meighen, Michel Ranger, Mike Dolson, Caine Chapman, Stefanie Morand, Geneviève Favreau, Al-Nawaz Nanji, Jeff Oldewening, Alexandra Carbone, Emma Murrin, Joannie Marcoux , François-Xavier Beaudry, Etienne C. Laplante, Hubert Cadotte, Giorgina Chum (Tax), Charles Morgan, Veronique Wattiez Larose, Conrad Lee, Wendes Keung, Eugen Miscoi (Technology), Jason Gudofsky, Dominic Thérien, Michael Caldecott, Alykhan Rahim, Padmini Joshi (Competition/Antitrust & Foreign Investment Group), Awanish Sinha, Brandon Kain, Christine Lonsdale, Sean Smyth, Shane D'Souza, Geoff Hall, François Giroux, Sébastien Cusson, Nicolas Deslandres (Litigation and Dispute Resolution), Sandra Mollet, Richard O’Doherty, Simon Fitzpatrick, Gilbert François, Daanish Pasricha, Vanessa Johnson, Juliana Smith (Financial Services), Jessie Bachinsky, Michael Kershaw (Real Estate), Tim Lawson, Chris Boettcher, Sarah Hickey, Lauren Soubolsky, Margaret Gavins, Ziad Shanab, Andrew Weizman (Labour and Employment), Dan Glover (Intellectual Property), Erica Barrera, Stephen Carbonaro, Deborah Kay (Law Clerk), Sandra Belton, Kate Blaney, Isabel Gonzales (Paralegal).

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