Press Releases

Louis Vachon to succeed Jean Turmel on January 1, 2005

Montreal, 1 October 2004 -

As part of the succession plan for senior management,  the Board of Directors of National Bank of Canada has appointed Louis Vachon, Senior Vice-President – Treasury and Financial Markets and member of the Executive Committee, to succeed Jean Turmel, President – Financial Markets, Treasury and Investment Bank.  The Board of Directors made its decision concerning the appointment of Mr. Vachon at a meeting held on September 30.

As a result of this appointment, Mr. Vachon will become Chairman of a new entity, National Bank Financial Group. He will also be Chairman of the Board of Natcan Investment Management.  Mr. Vachon will remain Senior Vice-President and a member of the Bank's Executive Committee.

As part of the creation of National Bank Financial Group, Kym Anthony, currently President and Chief Executive Officer of National Bank Financial and member of the Executive Committee of National Bank, will become President and Chief Executive Officer of National Bank Financial Group. In his new functions, he will report to Mr. Vachon. In this capacity, Mr. Anthony's responsibilities will broaden, as the Bank's Treasury and Financial Markets sectors will be integrated into National Bank Financial Group.  Mr. Anthony will  be nominated Senior Vice-President of the Bank and will continue to be a member of  the Bank's Executive Committee. As the most senior officer of the Bank outside Quebec, he will represent the Bank's interest in this market.

This initiative will facilitate synergies between Treasury's derivatives operations and NBF's corporate and institutional operations.

Recognized for his financial markets expertise, Mr. Vachon has been with the Bank since 1996.  Mr. Vachon graduated from the Fletcher School (a Tufts and Harvard University Co-Operative Graduate Program) with a degree in International Finance in 1985, and obtained his Chartered Financial Analyst designation in 1990.  Over the course of his career, he has held a number of senior management positions, including Vice-President of Capital Markets at Lévesque Beaubien, President and Chief Executive Officer of BT Bank Canada, President and Chief Executive Officer of Innocap and Senior Vice-President – Treasury and Financial Markets at National Bank. In September 2002, he was named a member of the Bank's Executive Committee.  In 2002, Mr. Vachon was named one of Canada's “Top 40 Under 40”.  He is also a member of the Board of Directors of the Montréal Exchange, the Boston Option Exchange, National Bank Discount Brokerage and the Canadian Investor Protection Fund.

Kym Anthony began his career in financial markets in 1980 and has since assumed a number of key positions.  An MBA graduate of the University of Western Ontario where he was the gold medal winner, he began his career in Corporate Finance at Canadian Imperial Bank of Commerce.  He also headed derivatives, fixed-income, treasury and risk management operations at CIBC World Markets.  He was then appointed Chairman and Chief Executive Officer of TD Securities and Vice-Chair of TD Bank. 

Before joining National Bank as President and Chief Executive Officer of National Bank Financial, Mr. Anthony was President and Chief Operating Officer at First Marathon.  Mr. Anthony has been a member of the Bank's Executive Committee since September 2002 and currently serves on a number of other boards, including the Canadian Opera Company.

Mr. Turmel, who has been with the Bank since 1981, has worked primarily in treasury and investments.   He has also headed General Trust and National Bank Securities.  He has held the position of President – Financial Markets, Treasury and Investment Bank since 1998.  Although he will be retiring in January 2005, Mr. Turmel will stay on to facilitate the integration of Mr. Anthony and Mr. Vachon in their new roles.  After retiring, he will continue to be associated with the Bank as a member of the Pension Fund Committee, a Bank representative on the Board of Directors of Maple Partners, and an external manager.

About the 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.

Information: (The telephone number provided below is for the exclusive use of journalists and other media representatives).

Denis Dubé
Manager, Public Relations Department
National Bank of Canada
Tel.: (514) 394-8644