Canadian government reviews National Bank’s CWB takeover

“The minister of finance is ultimately responsible for determining whether or not the proposed acquisition will be approved and whether any conditions should be imposed,” the ministry said in a Press release.

If approved, this share-swap transaction would grant Montreal-based National Bank, a leading player in Quebec and the smallest of Canada’s “Big Six” chartered banks, a significant foothold in western Canada, particularly in Alberta and British Columbia. The deal has the backing of major financial entities, including Canada’s pension fund, Caisse de Dépôt et Placement.

Edmonton-headquartered Canadian Western Bank focuses on serving clients across Alberta, British Columbia, Saskatchewan, Manitoba, and Ontario, supporting local industries in energy and mining. Following the takeover announcement in June, CWB’s stock price has more than doubled on the Toronto Stock Exchange, reaching $57.23.

Regulatory and review process

The proposed acquisition has already undergone scrutiny by the Competition Bureau and the Office of the Superintendent of Financial Institutions (OSFI). The Competition Bureau completed its assessment in September 2024, issuing a No Action Letter, signalling it would not oppose the merger.

Additionally, the OSFI will oversee the application process and submit a recommendation to Minister Freeland.