Press Releases

National Bank Financial Group embarks on a client-centric transformation plan

Montreal, 15 September 2008 -

National Bank Financial Group announced today that it is implementing an organizational transformation plan comprising a series of strategic initiatives. A key part of the One client, one bank vision established by the Financial Group’s top management, this plan aims to even better meet client needs and expectations and to position the organization to post financial results among the best in the industry.

“National Bank will soon celebrate 150 years of serving clients and, today, it is taking the necessary steps to remain poised for long-term growth,” said Louis Vachon, President and CEO.

The initiatives announced to employees today are built around four major priorities:

  1. Aligning operations with client needs across all sectors. The objective is simple: put the right resources in the right place in order to offer a concerted, proactive, client-centric approach, both in the branches and in commercial banking. This translates into more resources in the field, more positions in the branch network and increased power and responsibility to meet client needs.

    In addition, wealth management will undergo an in-depth review and see the creation of a unit for high-net-worth (HNW) clients, as well as the regrouping of marketing and investment solutions development for all distribution channels and segments.

  2. Streamlining processes while fast-tracking the technology investment program. By adopting processes and technologies that support the One client, one bank vision and its implementation, the Financial Group will improve the speed and quality of its service delivery while enhancing its operational efficiency.

  3. Improving the efficiency of corporate functions. Certain corporate functions will be reviewed with the aim of improving synergy, coordination and efficiency. Roles and responsibilities will be clarified to avoid duplication. Through these measures, corporate functions will also play a key role in contributing to the objectives of the Financial Group’s business units.

  4. Strengthening our management practices in order to foster a culture that values cooperation, accountability and performance at all levels of the organization.

From a financial perspective, the goal is to maintain earnings growth and shareholder returns.

The plan will be implemented over several months. Through natural attrition, retirements and employee reassignments, the impact of the growth plan on jobs is expected to be neutral, as newly created jobs will compensate for those eliminated.

“This plan will enable the National Bank Financial Group to better fulfill its mission and remain one of Canada’s most responsive financial institutions. Our clients will enjoy service delivery that fully meets their expectations and our employees will benefit from an even more stimulating workplace. This plan will translate into solid returns for shareholders and our sustained presence in our community’s social and economic development,” added Mr. Vachon.

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 close to $122 billion in assets and, together with its subsidiaries, employs 17,232 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at

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

Denis Dubé
Senior Manager, Public Relations Department
National Bank Financial Group