National Bank receives Competition Bureau clearance for deal to buy CWB

National Bank of Canada says it has cleared a key regulatory hurdle in its proposed acquisition of Canadian Western Bank.

The Montreal-based bank says it has received the Competition Bureau’s clearance for the deal.

The transaction still requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.

Canadian Western shareholders voted to approve the deal earlier this month.

National Bank announced an all-stock deal to buy Canadian Western earlier this year in a proposal that valued the Edmonton-based bank at about $5 billion.

It has said its acquisition of Canadian Western will significantly expand its western footprint and create a stronger national competitor.

On Wednesday, Moody’s Ratings said it was considering an upgrade for National Bank’s long-term credit ratings, citing the bank’s strong underlying profitability and balance sheet.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.