The proposed acquisition of Canadian Western Bank by National Bank of Canada

Current status: Closed

National Bank of Canada is seeking approvals from the Minister of Finance for its proposed acquisition of Canadian Western Bank, which was announced on June 11, 2024. In determining whether to approve the acquisition of a federal financial institution under federal financial institution statutes, the Minister of Finance can take into account all matters she considers relevant to the application. The Minister of Finance invited views and feedback to help inform the decision regarding the acquisition.

This engagement process gave all interested members of the public the opportunity to provide input on this topic. The consultation ran from November 5, 2024, to November 19, 2024. Thank you to everyone who participated.

Key questions for consideration

This consultation sought feedback on whether the proposed acquisition is in the public interest and in the best interest of the financial sector. In particular, we invited comments on:

• The rights and interests of consumers, business customers, and employees;
• The impact of the transaction on the level of competition in the sector;
• The consequences of the stability and integrity of the financial sector and public confidence in it;
• Whether the acquisition is in the best interests of the financial system; and,
• Whether the acquisition is in the best interests of those living in an affected region.

What's next?

Comments received during the consultation period will inform the Department of Finance's ongoing work on the proposed acquisition. We will analyze your feedback and consider how to address the acquisition in light of the feedback we received.

While this formal consultation has now concluded, Canadians are welcome to reach out to the Department of Finance with any questions or comments by emailing transactions@fin.gc.ca.