Press Releases

National Bank announces Calgary Expansion of Energy Derivatives Business

Montreal, 1 November 2005 -

Three high profile professionals join the Global Risk Management team

National Bank of Canada’s Global Risk Management team is pleased to announce the expansion of its North American energy derivatives division with the addition of three well-respected professionals from the energy risk management industry. James Joyce and Tim Simard from RiskAdvisory, an energy risk management consulting firm, and Bruce Calvin, former President of the Alberta Watt Exchange, have joined the Global Risk Management team as Managing Directors in the bank’s Calgary office.  This brings the Bank’s energy derivatives team to four professionals in Calgary and eight in Houston.

All three new team members were founding principals of RiskAdvisory, the Calgary-based energy risk management boutique that has provided consulting services to over 200 energy companies across North America since its inception in 1995. Prior to the formation of RiskAdvisory, Mr. Joyce and Mr. Simard ran the Canadian energy derivatives practice for Bankers Trust at a time when Bankers Trust was the leading provider of energy derivatives to the Canadian energy industry. Mr. Calvin’s experience with the Watt Exchange provides valuable insight on electricity market developments and an understanding of clients’ insistence on the importance of credit worthiness.

“The addition of these individuals immediately expands National Bank’s expertise in the energy derivatives market space, and highlights our aim to continue to build an energy team that is focused on client-driven solutions,” said Vincent Butkiewicz, Vice-President - Financial Markets at National Bank. “It points to the Bank’s commitment to leverage our financial engineering capabilities and our strong balance sheet to work with clients to optimize their energy risk portfolios. We think that this will be the first group energy clients will turn to when seeking solutions to their energy risk management needs”, added Mr. Butkiewicz.

About National Bank
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 customers elsewhere in the world. National Bank offers a full array of banking services, including 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 close to $110 billion in assets and, together with its subsidiaries, employs 17,049 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
Director – Public Relations Department
National Bank of Canada
Tel.: (514) 394-8644