CWB deleted from indexes next week

With the closing of its acquisition by National Bank of Canada on Feb. 3, Canadian Western Bank (CWB) will be removed from S&P/TSX indexes next week.

Before trading opens on Feb. 4, CWB will be removed from the S&P/TSX composite index and S&P/TSX Canadian Dividend Aristocrats Index.

The index deletions follow the banks’ shareholders approving a plan of arrangement that will see each share of CWB exchanged for 0.45 shares of National Bank, boosting its outstanding shares to over 384 million.

The share exchange transaction, which was announced in June last year, valued CWB at approximately $5 billion.

National Bank will start including CWB in its financial results in its fiscal second quarter, which are scheduled to be released on Feb. 26.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.