CWB.TO

Company Overview

Canadian Western Bank (TSX: CWB) was a Schedule I Canadian bank headquartered in Edmonton, Alberta, operating primarily in Western Canada with a growing presence nationally. On 2025-02-03, National Bank of Canada announced the completion of its previously announced acquisition of Canadian Western Bank, structured as a share exchange in which each CWB common share was exchanged for 0.450 of a National Bank common share, representing equity consideration of approximately C$5.3 billion (total equity value of approximately C$5.6 billion including shares National Bank already held). CWB's common shares were delisted from the Toronto Stock Exchange as of the close of business on 2025-02-04. National Bank and CWB amalgamated on 2025-03-01 and have since continued as one bank under the National Bank of Canada name. CWB's First Preferred Shares were separately delisted from the TSX following completion of a Tier 1 capital reorganization in February 2025.

Business Segments

At the time of the transaction, Canadian Western Bank operated full-service business and personal banking, with a particular focus on commercial banking for small and mid-sized businesses, along with equipment financing and trust services through its CWB Group of companies. Following the amalgamation, these operations continue as part of National Bank of Canada's combined commercial banking business.

Geographic Exposure

Canadian Western Bank's operations were concentrated in Western Canada (Alberta, British Columbia, Saskatchewan, and Manitoba) with an expanding branch and digital presence in Ontario and other provinces. Following the 2025-03-01 amalgamation, these operations are reported as part of National Bank of Canada's national branch network; this historical profile does not track National Bank's current, combined operations or results.

Principal Risks

Canadian Western Bank is no longer an independent, currently-traded public issuer, and this page describes historical fact only. Readers should not confuse this historical profile with National Bank of Canada (TSX: NA), the acquiring and surviving entity. This site does not redirect CWB.TO to NA.TO; the two are tracked as separate, distinct research profiles.

Source Documents

• National Bank completes acquisition of Canadian Western Bank — National Bank of Canada (official newsroom) (2025-02-03)
• National Bank and Canadian Western Bank Announce Completion of CWB Tier 1 Capital Reorganization — National Bank of Canada (official newsroom) (2025-02-20)