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National Bank of Canada acquires 17 branches from Bank of Montreal
Montreal, 13 December 2000 - National Bank of Canada announced today that it is acquiring 17 branches from Bank of Montreal in Quebec, subject to the approval of the appropriate regulatory authorities, and it looks forward to welcoming all the customers of the Bank of Montreal branches concerned.
Total assets and liabilities acquired amount to approximately $685 million, subject to any adjustments and guarantees applicable after the transaction closes. Ownership of the branches will be transferred gradually between January 19 and February 16, 2001.
Moreover, the National Bank will offer the Bank of Montreal personnel positions and working conditions equivalent to those they had prior to the transaction.
The branches in question are in Amqui, Richmond, Témiscaming, Thetford Mines, Buckingham, Bedford, Waterloo, Shawinigan, Sorel, Grand-Mère, Rouyn-Noranda, St-Césaire, Mont-Laurier, Lac Mégantic, Mont-Joli, Shawville and Quyon.
Branches that are located near one another will eventually be merged.
"This acquisition will enable the National Bank to consolidate its position in various regions of Quebec, in markets where it was underrepresented or absent altogether," stated Jean Houde, Senior Vice-President, Personal Banking at the National Bank. "This transaction also reaffirms our desire to continually improve our service to customers, no matter where they live or do business. In addition to extending a warm welcome to new customers, we will be able to structure an offering of financial products and services reflecting the needs of all our customers in the regions where we will now be present," Mr. Houde added.
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National Bank of Canada is an integrated group whose mission is to provide comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including all the investment banking services required by large corporations. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. The National Bank has assets of over $70 billion and, together with its subsidiaries, it employs over 17,000 people. The Bank's shares are listed on The Toronto Stock Exchange
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Information:
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Jean Robillard
Media Relations and
Financial Communications Officer
Public Relations Department
Tel: (514) 394-6990
jean.robillard@bnc.ca/a>
www.nbc.ca
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*The telephone number and e-mail address are for the exclusive use of journalists and other media representatives.
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