National Bank to buy CWB for US$3.6bil

Decisive move: The downtown skyline of Calgary, Alberta. National Bank will have a bolstered presence in Alberta and British Columbia, home to most of Canadian Western’s 39 branches, 65,000 clients and C$37bil of loans. — Bloomberg

QUEBEC: National Bank of Canada agrees to buy Canadian Western Bank (CWB) for about C$5bil (US$3.6bil) in stock in a tie-up of two of the country’s regional lenders.

The acquirer will pay the equivalent of C$52.24 a share for Canadian Western, a premium of 110% over the target’s closing price on Tuesday, according to a statement.