Manulife Place Renovations | 145.99m | 36s | AIMCo | MdeAS

What do you think of this project?

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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.
 
Offworld said:
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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Agreed. I see little reason this will be positive for Edmonton whatsoever, and frankly it’s a major loss and a damn shame. Especially for downtown.
 
Well Manulife place is gonna have to Go for plan C
and Cancel this Renovation
So thats TWO Cancelled Projects Due to CWB's either Changing their minds or being Bought Out

Time for Downtown Vacancies to get EVEN HIGHER
 
Canadian 001 said:
Well Manulife place is gonna have to Go for plan C
and Cancel this Renovation
So thats TWO Cancelled Projects Due to CWB's either Changing their minds or being Bought Out

Time for Downtown Vacancies to get EVEN HIGHER
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I don't see anything that indicates that this will happen. National Bank seems to be planning on maintaining the course for CWB for the foreseeable future, so I don't see why this would be the case, for Manulife
 
occidentalcapital said:
It does say western HQ is staying here. Some may have missed that.
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And what exactly does "HQ is staying here" mean?
Maybe they retain a mailing address? Maybe they retain their Edmonton execs until they retire then eliminate those functions or roll them up into Montreal or Calgary rolls?

I have worked on several large M&A deals across corporate north America and what you are reading is called corporate speak.

I wouldn't be so naïve about what you are reading into. Them keeping a HQ couldn't mean many different things but a Quebec based business with a large established business in Calgary buying an Edmonton based business likely doesn't bode on the positive side for Edmonton and its downtown.
 
CaptainBL said:
And what exactly does "HQ is staying here" mean?
Maybe they retain a mailing address? Maybe they retain their Edmonton execs until they retire then eliminate those functions or roll them up into Montreal or Calgary rolls?

I have worked on several large M&A deals across corporate north America and what you are reading is called corporate speak.

I wouldn't be so naïve about what you are reading into. Them keeping a HQ couldn't mean many different things but a Quebec based business with a large established business in Calgary buying an Edmonton based business likely doesn't bode on the positive side for Edmonton and its downtown.
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executive and operations - from press release.
 
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