National Bank clears big hurdle in bid to buy Canadian Western Bank
The Montreal-based bank says it has received the Competition Bureau’s clearance for the deal.
National Bank of Canada has passed a significant regulatory milestone in its planned acquisition of Canadian Western Bank.
The Montreal-based bank announced that it has received clearance from the Competition Bureau for the transaction. However, the deal still requires approval from the Office of the Superintendent of Financial Institutions and the minister of finance.
Earlier this month, Canadian Western shareholders voted in favor of the acquisition.
National Bank revealed the all-stock deal to acquire Canadian Western earlier this year, valuing the Edmonton-based bank at approximately $5 billion. The bank has stated that the acquisition will greatly expand its presence in western Canada and create a stronger national competitor.
