National Bank and Canada Life sign distribution agreement

Montreal, 29 November 2004 - 

National Bank of Canada and The Canada Life Assurance Company today announced that they have signed a definitive agreement to distribute banking products and services through Canada Life's distribution channels.

With this long-term agreement, Canada Life will be able to offer through its distribution channels across Canada, a range of loan products, including RRSP loans, investment loans and All-In-One Account, all distributed under the National Bank banner.

“At Canada Life, we are committed to providing a broad range of financial security products and services through our distribution channels,” said Rick Rausch, Senior vice-president of Individual Retirement and Investment Services. “National Bank is an experienced banking product supplier, with the expertise to help us build a customized banking solution that is suited to the unique needs of our distribution channels across Canada.”

“This agreement ties in perfectly with the Bank's long-term growth strategy. By offering our innovative banking products through Canada Life's distribution channels across Canada, we can pursue our goal of expanding outside Quebec,” noted Michel Tremblay, Senior vice-president – Personal Banking and Wealth Management. “It is part of our strategy of teaming up with established Canadian financial distribution networks to offer selected Bank products to clients we would not otherwise be able to reach. The Bank has already signed several agreements with prestigious partners to consolidate its position as a leading wholesaler of banking services,” added Mr. Tremblay.

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 $84 billion and, together with its subsidiaries, employs close to 17,000 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.

About Canada Life
The Canada Life Assurance Company provides insurance and wealth management products and services for Canadians. Founded in 1847, Canada Life is Canada's first domestic life insurance company.

Information: (the telephone numbers and e-mail addresses provided below are for the exclusive use of journalists and other media representatives):

Denis Dubé
Director - Public Relations
National Bank of Canada
Tel: (514) 394-8644

Marlene Klassen, APR, FLMI
Director - Media & Public Relations
The Canada Life Assurance Company
Tel: (416) 552-3862