Press Releases

Louis Vachon appointed Chief Operating Officer of National Bank

Montreal, 27 July 2006 -

National Bank today announced the appointment of Louis Vachon as Chief Operating Officer of the company.

This appointment, which takes effect on August 1, 2006, is in line with the Bank’s strategic plan and is intended primarily to improve operational efficiency by creating more synergy among the operating units. It will also enable Réal Raymond, President and Chief Executive Officer of the Bank, to focus on the company’s strategic development, relations with clients and investors, and risk management.

As Chief Operating Officer, Mr. Vachon will report directly to Mr. Raymond and will sit on the Board of Directors. He will be responsible for all of the Bank’s operating units, namely, Personal Banking and Wealth Management, Commercial Banking and International, and National Bank Financial Group. Prior to this appointment, Louis Vachon was Senior Vice-President, Chairman and Chief Executive Officer of National Bank Financial Group, and a member of the Bank’s Executive Committee.

Patricia Curadeau-Grou, Senior Vice-President – Risk Management, Gisèle Desrochers, Senior Vice-President – Human Resources and Operations, and Pierre Fitzgibbon, Senior Vice-President – Finance, Technology and Corporate Affairs, will continue to report directly to Mr. Raymond.

“Throughout his career, Louis has been very successful in different sectors of the financial industry including wealth management, risk management, business development, financial engineering and securities brokerage. He developed his strategic and operational skills in a multicultural, American and pan-Canadian environment.   Louis is especially well prepared to take up the challenges facing the Bank and I am convinced that he will do so successfully,” stated Réal Raymond, President and Chief Executive Officer.

Mr. Vachon has more than 14 years of experience at National Bank.From 1986 to 1990, he worked at Lévesque Beaubien. Beginning in 1996, he successively held the positions of President and Chief Executive Officer of Innocap Investment Management and Senior Vice-President – Treasury and Financial Markets. In 2004, he succeeded Jean Turmel as Chairman of the Board and Chief Executive Officer of National Bank Financial Group and Chairman of the Board of Natcan Investment Management. In November 2004, he assumed responsibility for all of the Bank’s capital market and full-service brokerage operations. Mr. Vachon has a Master’s degree in international finance from The Fletcher School (Tufts and Harvard University co-operative graduate program).

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 $110 billion in assets and, together with its subsidiaries, employs 16,955 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website atwww.nbc.ca.

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

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