MONTREAL, July 11, 2014 /CNW Telbec/ - Further to its acquisition of TD
Waterhouse Institutional Services (TDWIS) in November, National Bank
has just completed one of the largest asset conversions in Canadian
financial history.
A total of 248 client firms and independent market intermediaries,
representing $39 billion in assets under management and 133,000 client
accounts, have been integrated into the National Bank Correspondent
Network (NBCN) in just seven months. NBCN is Canada's premier provider
of brokerage, custody, trading, clearing, settlement and record-keeping
services for registered independent portfolio managers and introducing
brokers.
As a result, NBCN now serves more than 400 independent market
intermediaries across the country, who in turn manage $102 billion in
assets for approximately 500,000 Canadian investors. This acquisition
significantly expands the scope of NBCN, confirming its position as a
leader in this major and rapidly growing sector of the securities
industry.
"We obtained great results during the conversion period. Almost all the
firms doing business with TDWIS opted to remain with us and we thank
them for their trust and understanding during the transition. Thanks to
our diligent work and strong markets, NBCN was able to gain $4 billion
more in assets under management than originally projected. For the
Bank, this is an important step toward further expanding its presence
across Canada," said Luc Paiement, Executive Vice-President - Wealth
Management and Co-President and Co-Chief Executive Officer of National
Bank Financial.
National Bank held a meeting with investors on Thursday, June 12 in
Toronto. Several Wealth Management executives presented their
activities, including those of NBCN. For more information: www.nbc.ca/en/about-us/investors/investor-relations/presentations-and-events.html
About National Bank of Canada
With $194 billion in assets as at April 30, 2014, National Bank of
Canada (www.nbc.ca), together with its subsidiaries, forms one of Canada's leading
integrated financial groups. The Bank has close to 20,000 employees and
is widely recognized as a top employer. Its securities are listed on
the Toronto Stock Exchange (TSX:NA). Follow the Bank's activities via
social media and learn more about its extensive community involvement
at clearfacts.ca and commitment.nationalbank.ca.
About National Bank Correspondent Network
With more than 20 years of continuous service, National Bank
Correspondent Network is an important provider of wholesale securities
processing in Canada and continually redefines the industry through
innovative product development, expert client care and leading
technology. National Bank Correspondent Network provides execution,
clearing, custody, prime brokerage and administrative services to
independent securities firms and portfolio managers. The team is
dedicated to giving its clients the very best service and the breadth
of investment choices necessary to build a successful practice.
Forward-Looking Statements
Certain statements included in this press release constitute
forward-looking statements meant for its interpretation and shouldn't
be used for other purposes. These forward-looking statements are made
as of the date of this document. There is a strong possibility that
express or implied projections contained in these forward-looking
statements will not materialize or will not be accurate. The Bank
recommends that readers not place undue reliance on these statements,
as a number of factors, many of which are beyond the Bank's control,
could cause actual future results, conditions, actions or events to
differ significantly from the targets, expectations, estimates or
intentions expressed in the forward-looking statements. These factors
include, without limitation, the ability to attract and retain key
employees who will support the acquired institutional services
business, including certain senior management of the acquired
institutional services business; the ability to complete the conversion
of the client records, systems and operations supporting the acquired
business within anticipated time periods and costs; the retention of
substantially all of the clients of the acquired institutional services
business following the closing; together with general factors such as
credit risk, market risk, liquidity risk, operational risk, regulatory
risk and reputation risk (all of which are described in greater detail
in the Risk Management section that begins on page 60 of the Bank's
2013 Annual Report available at www.sedar.com); the general economic environment and financial market conditions in
Canada, changes in the accounting policies the Bank uses to report its
financial condition, including uncertainties associated with
assumptions and critical accounting estimates; tax laws in Canada; and
changes to capital and liquidity guidelines and to the manner in which
they are to be presented and interpreted.
The Bank assumes no obligation to update or revise these forward-looking
statements to reflect new events or circumstances and cautions readers
not to place undue reliance on them.
SOURCE National Bank of Canada
