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What do you think of this project?

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Creating a Canadian banking leader with growth priorities from coast-to-coast – The combination brings together complementary banks with complementary footprints and established positions in Western Canada. The united bank’s growth objectives in the region will be supported by executive and operational leaders based out of Edmonton, Alberta. National Bank will increase banking services across CWB’s existing network. CWB customers will continue to have access to branches in the communities where they typically bank across Canada, as well as additional locations in National Bank’s network. As part of the transaction, National Bank’s board of directors will be strengthened by the addition of two CWB nominees.
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"The united bank’s growth objectives in the region will be supported by executive and operational leaders based out of Edmonton, Alberta"

Seems like they're staying. It's a bit interesting that National Bank bought out CWB.

On the flip side, this could be a play for National Bank to try and break into the Big Five. Since they're based out of Montreal, they could inevitably use CWB as their stepping stone into Western Canada and inject significant capital into growth for CWB or whatever the united bank ends up being.

On the other hand I did economics and not finance so what do I know lol, it could be good news for all we know.
 
According to the Canadian Press story I just read, here are two additional pieces of information:

- National Bank says it will maintain Canadian Western's headquarters and two nominees from the bank will join National's board of directors.
- The transaction is expected to close by the end of next year.

A good deal for National Bank and Canadian Western too, as National Bank does not have a huge western presence, so it makes sense. It sounds like they intend to keep CWB's presence and perhaps even beef it up. It would probably be hard to for them to try run the western operations from Montreal, so although I am sad to see CWB not continue on its own, it could work out ok.
 
Don't know how to feel about this right now but as long as Edmonton continues to be the western HQ and the current presence is maintained (or even increased) then no issues from me but if they attempt to move out of Edmonton to either Calgary or Montreal then this would be an absolutely devastating blow.
 
From what I'm seeing, reading and understanding, there's not going to be a move of the HQ anytime soon. CWB's asset growth has been middling and stagnant over the last two years, and it seems like National Bank is going to be using CWB as their vehicle for growth in Anglo Western Canada since they're mainly focused in Quebec.

It honestly could be good news in terms of growth, both in asset and jobs for the future, especially if they're trying to make the Big Five into the Big Six.

Personally wouldn't mind us as Anglo Montreal of the West in this regard.
 
They obviously have staff and talent here but I am worried long term. I don't know the inside of these things but it seems long term there would be less employees and less reason to be in Edmonton, unless they specifically really want to keep Edmonton as a western hub and make a public commitment to that effect. But I dunno, time will tell.
 
JMatt88 said:
Hopefully they don't move head office to Calgary, this is definitely mixed news indeed!
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This is where our lack of confidence in ourselves comes through and can become self fulfilling. Fairly certain National Bank's head office will remain in Montreal.
 
Typo on my part, not head office to Calgary but shift the Edmonton presence (through CWB headquarters) to Calgary. But that's my own pessimism coming through and you are right, self fulfilling prophecy indeed 🫣🙃
 
Honestly these are all reasonable concerns, but I think the fact that they stated publicly they're keeping operational presence here should alleviate some worries. We gotta have some confidence that things here will stick. Edmonton's a big enough metropolis now.

EDIT: That or magic scenario where the Parti Quebecois win next election, scare the living hell out of everyone with another Independence Referendum and boom National Bank moves to Edmonton lol
 
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I was here in the early 1990's, it was a real kick in the teeth and so I understand how the scars from that still linger. Obviously never guarantees about the future, but I do feel in general we are in a better place now.
 
National Bank Prescence in Calgary is focused on investment banking, & conservative commercial banking + wealth. Big 5 (6) banks shouldn't hurt anyone for jobs except the c-suite/ego drop of another Edm pubco HQ (STN, CPX, NOA, who else now?)

In my opinion, just like Canadian Western & ATB Capital Markets currently have a IB office in Calgary, while major banking Ops in Edmonton, no incentive to relocate entirely. Some have mentioned the culture shock of QC & AB banking, there are benefits to keeping a Western brand, along with competition bureau concerns on mass layoffs (think Rogers/Shaw).
 
David A said:
According to the Canadian Press story I just read, here are two additional pieces of information:

- National Bank says it will maintain Canadian Western's headquarters and two nominees from the bank will join National's board of directors.
- The transaction is expected to close by the end of next year.

A good deal for National Bank and Canadian Western too, as National Bank does not have a huge western presence, so it makes sense. It sounds like they intend to keep CWB's presence and perhaps even beef it up. It would probably be hard to for them to try run the western operations from Montreal, so although I am sad to see CWB not continue on its own, it could work out ok.
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As a dyed in the wool western Canadian, this has to be one of the most unpalatable things to happen, i.e. a Quebec-first bank swallowing a Western firm, the last hallmark of a western-based bank. This news will play proudly in Quebec, but in Edmonton and Alberta for that matter, this plays to the mindset that even more strings will be pulled from eastern Canada now.

This might be a good deal for shareholders of CWB (which I gave up on last year), but for Alberta let's not kid ourselves that this will somehow be a win for Alberta.
 
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