National Bank Financial completes acquisition of Putnam Lovell Group

Montreal, 19 June 2002 - 

National Bank Financial Inc., one of Canada's largest full-service investment dealers, announced today that it has completed its previously announced acquisition of the U.S. based investment bank Putnam Lovell Group Inc.  ("Putnam Lovell").  Putnam Lovell's and National Bank Financial's Global Financial Institutions Groups will operate as a single business unit, and this unit, as well as all other Putnam Lovell operations will operate under the marketing banner of Putnam Lovell NBF, through offices in New York, San Francisco, Los Angeles, Toronto and London.

Kym Anthony, President and CEO of National Bank Financial, said:  "The creation of Putnam Lovell NBF represents an important step in building our global presence in Financial Services.  We welcome our newest team members and are excited about the combined capabilities that we can now offer to our clients, globally."

Donald H. Putnam, who will become a Vice-Chairman of National Bank Financial, said:  "We continue our mission:  to seize opportunities for our clients  with innovative solutions to maximize their return.  We look forward to working with expanded resources in order to provide our combined client base the added value of a truly global network including an expanded capital base, with depth in equity underwriting, derivatives, foreign exchange and corporate lending."

Jean Turmel, Chairman of National Bank Financial and President - Financial Markets, Treasury and Investment Bank at National Bank of Canada, said:  "At National Bank Financial we continue to make great strides in assessing and anticipating the real needs of our corporate and institutional clients.  Putnam Lovell NBF represents to us an important expansion into the international arena of M&A advisory, corporate finance, equity sales, trading and research.  The combination of talent and expertise now resident in Putnam Lovell NBF that is focused on our global financial services sector, will allow us to grow our business and service our client's expanding needs."

About National Bank Financial

National Bank Financial is one of the largest full-service investment dealers in Canada.  In 1999, National Bank of Canada acquired and subsequently merged First Marathon and Lévesque Beaubien Geoffrion to create National Bank Financial.  With approximately 3,000 employees, it has 92 branches in Canada, the U.S. and the United Kingdom.

About National Bank of Canada

National Bank of Canada (TSX: NA) is an integrated group, which provides 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 Bank has assets of over $75 billion and, together with its subsidiaries, it employs over 17,000 people.  The Bank's shares are listed on the Toronto Stock Exchange.



Lorie Haber
Executive Vice President
National Bank Financial
Tel.: (416) 869-8817
Fax: (416) 869-7477

* The telephone and fax number are for the exclusive use of journalists and other media representatives.