“CWB has developed an attractive banking franchise with a reputation for exceptional service with deep customer relationships across a number of priority industries and service lines.”
In a statement, Chris Fowler, CEO of CWB, praised National Bank’s scale, complementary market expertise and technological capabilities.
“National Bank can increase its banking and wealth management activities, and offer more competitive products and services to provide customers with more options and better value,” the bank said in a release.
In 2022, CWB Financial Group combined its five legacy private wealth firms under the new brand platform of CWB Wealth. These firms were T.E. Wealth, Doherty & Bryant Financial Strategists, Leon Frazer & Associates, CWB Wealth Management (originally founded as Adroit Investment Management) and CWB McLean & Partners.
CWB Wealth focuses on serving the wealth management needs of high-net-worth business owners.
As of Oct. 31, 2023, CWB had $7.9 billion in assets under management and administration on its CWB Wealth platform, and $2.1 billion in assets under advisory in its T.E. Wealth Indigenous Services business, for a total of $10 billion in assets under supervision. That compared to $9.6 billion in assets under supervision on Oct. 31, 2022.
CWB has 39 branches in Western Canada and Ontario, and in January it opened a branch in Toronto. The new regional wealth hub and banking centre was meant to help CWB target business-owner clients as an alternative to the Big Six banks.
Alberta and British Columbia represent approximately 24% of National Bank’s assets under administration.
The release stated that executives and leaders will continue to be based out of Edmonton.
The move continues consolidation in the Canadian banking industry.
In November 2022, HSBC Group agreed to sell its banking operations in Canada to Royal Bank of Canada. The transaction closed in March 2024.
In July 2023, Laurentian Bank launched a strategic review to “maximize shareholder and stakeholder value” that could have led to a sale. However, no buyer emerged.
The National Bank purchase will be subject to approval of two-thirds of the votes cast by CWB shareholders at a special meeting expected to be held in September. It will also be subject to other customary approvals.
With files from Rudy Mezzetta and Canadian Press
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