National Bank Completes Acquisition of Wellington West
Montreal, 15 July 2011 -
National Bank Financial Group (“National Bank” or the “Bank”) announced today that the Bank has completed its acquisition of Wellington West Holdings Inc. (“Wellington West”) with the result that Wellington West and its subsidiaries have become wholly owned by National Bank.
"The transaction received the support of over 99% of all Wellington shareholders, excluding shares owned by National Bank Financial Group, and Wellington investment advisors representing approximately 99% of Retail client assets managed by Wellington have endorsed the new relationship by signing new employment agreements with National Bank Financial Group,” said Luc Paiement, Executive Vice President Wealth Management, National Bank Financial Group, Co-President and Co-CEO of National Bank Financial. We are delighted with the enthusiastic response we have received."
With the addition of the Wellington advisors, National Bank Financial Wealth Management has over $67 billion in assets under administration served by about 1000 advisors in over 130 branches across Canada. Wellington West’s wealth management and financial services businesses will initially continue under that brand but will become known by the National Bank Wealth Management brand in the coming months.
“We welcome Wellington West’s clients, investment advisors and professional staff to the National Bank family. We are committed to providing them with an outstanding experience,” concluded Mr. Paiement.
In addition, the Wellington West Capital Markets group has been integrated with and will continue as part of National Bank Financial Markets, providing additional depth and talent in key areas such as oil and gas, mining and agribusiness.
About National Bank of Canada
National Bank of Canada is an integrated group that 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 over $154 billion in assets and, together with its subsidiaries, employs 18,492 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. To access National Bank Financial Group’s financial education portal, visit www.clearfacts.ca.
Information (The telephone number provided below is for the exclusive use of journalists and other media representatives.):
Senior Advisor, Public Relations
National Bank Financial Group