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National Bank and Canadian Western Bank Announce Completion of CWB Tier 1 Capital Reorganization
National Bank and Canadian Western Bank Announce Completion of CWB Tier 1 Capital Reorganization ...
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[{"type":"text","content":"\n\n\n\n National Bank and Canadian Western Bank Announce Completion of CWB Tier 1 Capital Reorganization\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n\n MONTREAL\n \n and\n \n EDMONTON, AB\n \n\n ,\n \n\n Feb. 20, 2025\n \n\n /CNW/ - National Bank of\n \n Canada\n \n (\"National Bank\") (TSX: NA) and Canadian Western Bank (\"CWB\") today announced the completion of the previously announced reorganization of CWB's tier 1 capital.\n \n\n\n\n\n\n\n\n\n In particular, on the date hereof, all of the issued and outstanding First Preferred Shares Series 5 (Non-Viability Contingent Capital (NVCC)) and Series 9 (Non-Viability Contingent Capital (NVCC)) of CWB (collectively, the \"CWB First Preferred Shares\") have been exchanged, on a one for one basis, for new First Preferred Shares of National Bank Series 47 (Non-Viability Contingent Capital (NVCC)) and Series 49 (Non-Viability Contingent Capital (NVCC)) (collectively, the \"National Bank First Preferred Shares\"), respectively, in each case having substantially the same rights, privileges, restrictions and conditions as the corresponding CWB First Preferred Shares. The Limited Recourse Capital Notes Series 1 and Series 2 (NVCC) of CWB have been redeemed in accordance with their terms.\n \n\n It is expected that the National Bank First Preferred Shares will commence trading on the Toronto Stock Exchange (\"TSX\") under the ticker symbols NA.PR.I. and NA.PR.K., respectively, as of opening of markets on\n \n February 20, 2025\n \n . The CWB First Preferred Shares will be delisted from the TSX.\n \n\n As previously announced, following such exchanges and redemptions and certain other corporate actions, National Bank and CWB will, on\n \n March 1, 2025\n \n , amalgamate and continue as one bank under the name National Bank of\n \n Canada\n \n , with the resulting entity assuming the obligations of its predecessors, including the o...