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National Bank of Canada enters into a definitive agreement to acquire Canadian Western Bank for approximately C$5B

Date Announced

June 11, 2024

Lead Office



6.00 Billion CAD

On June 11, 2024, National Bank of Canada ("National Bank") announced its definitive agreement to acquire 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 will also complete 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 is being underwritten by a syndicate of underwriters led by National Bank Financial Inc.

The transaction is subject to approval by CWB’s shareholders at a special meeting of shareholders which is to be held in September 2024 and the deal is expected to close by the end of 2025.

McCarthy Tétrault is advising 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 is advising National Bank with a team led by Patrick Boucher that includes Fraser Bourne, Laurence Cromp-Lapierre, Michael Eldridge, Hadrien Montagne, Sean Sadler, Michael Bennett, Robert Richardson, Michel Deschamps, Ivor Selimovic, Michael Shahinian, Christopher Yam, Philippe April, Ariane Monjauze, Konstantin Sobolevski, Thierry Côté, Janie L.-Roy, Sonia Bardakjian, Sheema Rezaei, Annie Poirier-Simard, Julia Bugge, Liam Rompre, Samantha Morel (Business Law), Susan Nickerson, Julia Miller (Pensions, Benefits, & Executive Compensation), Raj Juneja, Kabir Jamal, Nigel Johnston, Marie-Soleil Landry, Christian Meighen, Michel Ranger, Mike Dolson, Caine Chapman, Geneviève Favreau, Alexandra Carbone, Emma Murrin, Joannie Marcoux (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, Geoff Hall, François Giroux, Sébastien Cusson (Litigation and Dispute Resolution), Richard O’Doherty, Gilbert François, Daanish Pasricha (Financial Services), Jessie Bachinsky, Michael Kershaw (Real Estate), Tim Lawson, Chris Boettcher, Sarah Hickey, Lauren Soubolsky (Labour and Employment).