National Bank Cleared by Competition Bureau for $5B Canadian Western Bank Acquisition

The deal, which still needs approval from financial regulators, aims to expand National Bank's presence in Western Canada.

National Bank of Canada has received clearance from the Competition Bureau for its proposed acquisition of Canadian Western Bank.
The $5 billion all-stock deal still requires approval from the Office of the Superintendent of Financial Institutions and the Minister of Finance.
Canadian Western Bank shareholders overwhelmingly approved the acquisition earlier this month.
The acquisition is part of National Bank's strategy to increase its footprint in Western Canada, maintaining Canadian Western's branch network and Alberta executive team.
If fully approved, National Bank expects to reduce annual costs by approximately $270 million.