New acquisition comes on the heels of recent CWB merger
The National Bank of Canada has entered into a definitive agreement to acquire PGM Global Holdings Inc., the parent of Montreal-based institutional trading services firm PGM Global Inc.
The acquisition marks another strategic expansion for Quebec’s largest lender as it looks to strengthen its offerings for independent wealth management clients.
While financial terms of the transaction were not disclosed, the bank noted that the acquisition is not expected to materially affect its financial position. The deal is expected to close in late spring, pending regulatory approvals and other customary closing conditions.
PGM Global will be integrated into the National Bank Independent Network (NBIN), which provides custody, trade execution, and brokerage services to independent firms. With dual registration under both the Canadian Investment Regulatory Organization and the US-based Financial Industry Regulatory Authority, PGM Global’s cross-border compliance infrastructure is seen as a strategic advantage for National Bank.
“PGM Global will bring capabilities that complement and enhance National Bank Independent Network's (NBIN) existing service offering,” the bank said in a statement. “With over a decade of proven expertise, PGM Global will strengthen NBIN’s ability to support clients through complex market transactions.”
Patrick Belland, chief executive of PGM Global, expressed confidence in the deal, saying that it will “create significant advantages for the clients it serves.”
The PGM Global acquisition follows National Bank’s takeover of Canadian Western Bank (CWB). That deal received final approval from Canada’s federal finance minister and closed on February 3. CWB shareholders had previously voted in favour of the transaction in September, and the deal has cleared regulatory reviews from both the Competition Bureau and the Office of the Superintendent of Financial Institutions.
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National Bank also held its annual general meeting, where it announced the election of three new directors to its board: Scott Burrows, Sarah Morgan-Silvester, and Irfhan Rawji.
The appointments bring the total number of directors to 17, joining existing members including Laurent Ferreira, Annick Guérard, Karen Kinsley, and Macky Tall, among others.
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