Altamira and National Bank combine their strengths to accelerate growth outside Quebec
Montreal, 15 October 2007 -
National Bank of Canada today announced that Altamira will gradually consolidate its activities with those of its parent company over the course of 2008. For National Bank, this represents an essential step towards achieving the goal of accelerating its growth outside the Quebec market.
While growing its presence in the wealth management arena, the Bank’s decision will bring clear advantages to Altamira’s clients by offering them better proximity through more points of service and greater access to attractive investment and banking solutions. “This represents a very exciting opportunity for all of us”, said Charles Guay, President and Chief Executive Officer of Altamira. “It will favour closer relationships with our clients as they will benefit from advice and solutions tailored to their needs.” Furthermore, National Bank is anticipating that this consolidation will give way to reductions in management expense ratios for most Altamira Funds.
Altamira’s continued excellent client service will remain the same, as its investment professionals will join the National Bank network of more than 2,000 investment professionals across Canada. As for the Altamira brand, it will still be promoted as a great family of mutual funds and high interest savings accounts, as well as other investment solutions such as the Managed Portfolios and Meritage Portfolios.
For the clients, no action on their part is required, as the Bank is working to obtain the regulatory approvals needed to ensure that all Altamira Financial Services Ltd. accounts can smoothly become National Bank Securities Inc. accounts by the end of 2008.
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. 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. National Bank has more than $124 billion in assets and, together with its subsidiaries, employs 17,169 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA). For more information, visit the Bank’s website at www.nbc.ca.
Information (The telephone number provided below is for the exclusive use of journalists and other media representatives):
Director– Public Relations
National Bank of Canada