What do you think of this project?

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National Bank Prescence in Calgary is focused on investment banking, & conservative commercial banking + wealth. Big 5 (6) banks shouldn't hurt anyone for jobs except the c-suite/ego drop of another Edm pubco HQ (STN, CPX, NOA, who else now?)

In my opinion, just like Canadian Western & ATB Capital Markets currently have a IB office in Calgary, while major banking Ops in Edmonton, no incentive to relocate entirely. Some have mentioned the culture shock of QC & AB banking, there are benefits to keeping a Western brand, along with competition bureau concerns on mass layoffs (think Rogers/Shaw).
 
David A said:
According to the Canadian Press story I just read, here are two additional pieces of information:

- National Bank says it will maintain Canadian Western's headquarters and two nominees from the bank will join National's board of directors.
- The transaction is expected to close by the end of next year.

A good deal for National Bank and Canadian Western too, as National Bank does not have a huge western presence, so it makes sense. It sounds like they intend to keep CWB's presence and perhaps even beef it up. It would probably be hard to for them to try run the western operations from Montreal, so although I am sad to see CWB not continue on its own, it could work out ok.
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As a dyed in the wool western Canadian, this has to be one of the most unpalatable things to happen, i.e. a Quebec-first bank swallowing a Western firm, the last hallmark of a western-based bank. This news will play proudly in Quebec, but in Edmonton and Alberta for that matter, this plays to the mindset that even more strings will be pulled from eastern Canada now.

This might be a good deal for shareholders of CWB (which I gave up on last year), but for Alberta let's not kid ourselves that this will somehow be a win for Alberta.
 
Offworld said:
As a dyed in the wool western Canadian, this has to be one of the most unpalatable things to happen, i.e. a Quebec-first bank swallowing a Western firm, the last hallmark of a western-based bank. This news will play proudly in Quebec, but in Edmonton and Alberta for that matter, this plays to the mindset that even more strings will be pulled from eastern Canada now.

This might be a good deal for shareholders of CWB (which I gave up on last year), but for Alberta let's not kid ourselves that this will somehow be a win for Alberta.
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Agreed. I see little reason this will be positive for Edmonton whatsoever, and frankly it’s a major loss and a damn shame. Especially for downtown.
 
Well Manulife place is gonna have to Go for plan C
and Cancel this Renovation
So thats TWO Cancelled Projects Due to CWB's either Changing their minds or being Bought Out

Time for Downtown Vacancies to get EVEN HIGHER
 
Canadian 001 said:
Well Manulife place is gonna have to Go for plan C
and Cancel this Renovation
So thats TWO Cancelled Projects Due to CWB's either Changing their minds or being Bought Out

Time for Downtown Vacancies to get EVEN HIGHER
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I don't see anything that indicates that this will happen. National Bank seems to be planning on maintaining the course for CWB for the foreseeable future, so I don't see why this would be the case, for Manulife
 
occidentalcapital said:
It does say western HQ is staying here. Some may have missed that.
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And what exactly does "HQ is staying here" mean?
Maybe they retain a mailing address? Maybe they retain their Edmonton execs until they retire then eliminate those functions or roll them up into Montreal or Calgary rolls?

I have worked on several large M&A deals across corporate north America and what you are reading is called corporate speak.

I wouldn't be so naïve about what you are reading into. Them keeping a HQ couldn't mean many different things but a Quebec based business with a large established business in Calgary buying an Edmonton based business likely doesn't bode on the positive side for Edmonton and its downtown.
 
CaptainBL said:
And what exactly does "HQ is staying here" mean?
Maybe they retain a mailing address? Maybe they retain their Edmonton execs until they retire then eliminate those functions or roll them up into Montreal or Calgary rolls?

I have worked on several large M&A deals across corporate north America and what you are reading is called corporate speak.

I wouldn't be so naïve about what you are reading into. Them keeping a HQ couldn't mean many different things but a Quebec based business with a large established business in Calgary buying an Edmonton based business likely doesn't bode on the positive side for Edmonton and its downtown.
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executive and operations - from press release.
 
occidentalcapital said:
executive and operations - from press release.
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And can you tell me exactly what that means? How many executives? For how long? Are new executive roles going to still run through Edmonton or are they now legacy roles until the current executives retire?

Again, that could mean a lot and is typically from my experience the vague statement equivalent of "we care for our employees"
 
ChazYEG said:
I don't see anything that indicates that this will happen. National Bank seems to be planning on maintaining the course for CWB for the foreseeable future, so I don't see why this would be the case, for Manulife
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Lots of wild speculation here about all kinds of things some of which have already been contradicted. National Bank is buying CWB to expand its modest western presence, not contract it, so it could well be this move goes ahead.
 
tkoe_ said:
For me the bigger problem is market consolidation. Between this and the RBC takeover of HSBC, there will be even less competition in the banking sector. Doesn't seem great in the long run.
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Yes, but I suppose better than having one of the big 5 buy it. In some ways this helps boost National Bank to compete against them with more of a western presence.

So overall the loss of HSBC was bigger, but banking in Canada is definitely being consolidated now and I don't see anyone new coming in to compete against the behemoths in the near future.
 
I would be AMAZED if the gov’t approves this.

There is a lot of history of deep sixing mergers in Canada’s already concentrated banking system.
 
ATB Financial should buy CWB out and then ATB Financial should be sold off to Albertans and BColumbians. HO stays put.. My response to a post on SS.

“
Quote:
Originally Posted by YegFan View Post
just like other acquisitions, they will eventually vacate Edmonton and set up shop in other cities. While CWB is small, it is a major tenant in downtown Edmonton and one that is not easy to replace over the years.
Started in Edmonton. "In 1988, the Bank of Alberta merged with Western & Pacific Bank to form Canadian Western Bank (CWB)." "When the bank commenced operations in 1984 it was led by Canadian Business Hall of Fame member Dr. Charles Allard[1][3] and Eugene Pechet,[1][3][4] starting with three employees working out of a boardroom located in one of Pechet's hotels in Edmonton, Alberta.[4] The Government of Alberta supported the newly formed Bank of Alberta by investing in 5% of its shares.[5]

Wiki:https://en.wikipedia.org/wiki/Bank_of_Alberta

Too bad ATB Financial was not put on the market by the UCP before CWB was shopped around. Then there would have been some muscle in a Western based bank.
'n March 2019, Finance Minister Joe Ceci revealed the Government of Alberta had received a detailed offer from Scotiabank to purchase ATB Financial; however, the amount offered to privatize ATB was not provided by Ceci.[67] https://en.wikipedia.org/wiki/ATB_Financial “
 
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