The acquisition of Canadian Western Bank by National Bank of Canada has received final approval.

The federal finance minister has given the National Bank of Canada permission to purchase Canadian Western Bank (CWB).The bank with its headquarters in Montreal says it is happy that the final regulatory milestone has been reached.On February 3, 2025, the roughly $5 billion acquisition is scheduled to be finalized. It states that the two banks would cooperate to ensure a seamless transfer. Laurent Ferreira, the CEO of National Bank, stated earlier this month that the planned acquisition represents a crucial component of the business's domestic expansion in the upcoming year.The last regulatory obstacle has been removed in the $5 billion acquisition of Canadian Western Bank by National Bank of Canada.

The final step in the takeover, which is scheduled to be finalized on February 3, 2025, was announced Friday by the Montreal-based National Bank: the federal finance minister has approved the agreement.In a press release, National Bank president and CEO Laurent Ferreira stated, "This is fantastic news for Canadians and will enable our two complementary banks to come together and improve services for our customers."The Competition Bureau and the Office of the Superintendent of Financial Institutions had earlier approved the merger. In September, shareholders of Canadian Western Bank approved the deal.National Bank has described its acquisition of Canadian Western Bank, based in Edmonton, as a crucial component of its 2025 domestic expansion plan. According to Ferreira, the acquisition will enable further expansion in Western Canada and solidify National Bank's position nationwide.The Montreal-based bank announced on Friday that the two businesses will now collaborate to guarantee a seamless transition for CWB workers and clients, who will soon receive more details about what comes next. According to the corporation, National Bank will begin incorporating CWB into its financial results in the second quarter of 2025.