Bloomberg News

National Bank of Canada May Consider M&A Deals

March 02, 2012

National Bank of Canada, the country’s sixth-largest lender, would consider domestic personal and commercial bank acquisitions, Chief Financial Officer Ghislain Parent said.

“On the P&C side, we could look at something if it came up,” Parent told investors today on a conference call. “We don’t have any interest outside of Canada at the moment.”

National Bank, based in Montreal, said yesterday it had record profit of C$334 million ($337.8 million), or C$2 a share, for the quarter ended Jan. 31, as domestic banking improved. The lender would look at acquisitions after the current fiscal quarter is complete, Parent said today in a telephone interview.

The bank is in the “execution and consolidation phase” of its wealth-management acquisitions, he said. Among the deals is the investment-advisory business it purchased in January from HSBC Holdings Plc (HSBA) for C$206 million.

National Bank has purchased at least three loan portfolios to bolster its personal and commercial business in the last decade.

Separately, the bank announced today that Diane Giard will become executive vice president of personal and commercial banking after Rejean Levesque retires in October.

National Bank rose 1.1 percent to C$78.32 at 4 p.m. in Toronto and has gained 8.6 percent this year, the second-best performer on the 10-company S&P/TSX Banks Index (STBANKX).

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net.


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