National Bank concludes a $38.4M transaction with Standard Life Trust Company

The National Bank today announced that it has acquired the deposit portfolio of Standard Life Trust Company, a subsidiary of the Standard Life Assurance Company which offers, among other things, insurance and savings products via independent brokers and affiliated companies.

“Not only does this transaction boost the Bank's deposit volumes by $38.4 million,” noted Michel Tremblay, the National Bank's Senior Vice-President – Personal Banking and Wealth Management, “it will also enable us to distribute our line of financial products through a network of independent brokers.”

This transaction is transparent for customers, the only change being that the more than 300 independent brokers who sell these deposits will in future be renewing them with the National Bank. “Holders of these deposit certificates are not affected by this change and all interest will be paid by the National Bank at maturity. Moreover, deposits will continue to be covered by the Canada Deposit Insurance Corporation, which is a further guarantee for customers,” remarked Claude Garcia, President of Standard Life Trust Company.

About The Standard Life Assurance Company
In Canada, The Standard Life Assurance Company has over $29 billion in assets under management and offers a wide range of financial products and services to over one million customers. Its products and services include group savings, insurance and retirement plans as well as life insurance, savings and retirement plans for individuals. Through affiliated companies, it also offers mutual funds and portfolio management services. Total premium income and deposits reached $3.6 billion in 2002.

About National Bank of Canada
National Bank of Canada 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 National Bank offers a full array of banking services, including retail, corporate and investment banking. 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 about $75 billion and, together with its subsidiaries, employs over17,000 people. The Bank's securities are listed on the Toronto Stock Exchange (NA: TSX). For more information, visit the Bank's website at www.nbc.ca.

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Information (the following telephone numbers and e-mail addresses are intended solely for the use of journalists and other media representatives):

Denis Dubé
Director of Public Relations
National Bank of Canada
Tel.: (514) 394-8644
E-mail: denis.dube@bnc.ca

Michel Dufour
Public Relations
Manager, Standard Life Assurance Company
Tel.: (514) 499-4209
E-mail: michel.dufour@standardlife.ca