High-ranking figures to leave amid acquisition transition
Three high-ranking former Canadian Western Bank (CWB) executives will be leaving National Bank of Canada following its $5-billion acquisition of the Alberta-based lender, according to an internal memo seen by Reuters.
CWB's long-time chief executive officer Chris Fowler, chief risk officer Carolina Parra, and head of commercial, personal, and wealth business Stephen Murphy are set to exit the bank as part of the transition.
According to the January 30 memo, Fowler will retire but continue as an executive advisor to National Bank CEO Laurent Ferreira until April 30. Murphy’s last day is April 30, while Parra will leave on February 28.
Meanwhile, CWB’s chief financial officer Matt Rudd will join National Bank’s finance team, and Jeff Wright, previously head of client solutions and specialty business, will lead the integration process for the commercial banking division.
National Bank, Quebec’s largest lender, received final approval from the federal finance minister last Friday to complete its acquisition of CWB. The deal, which will close on February 3, 2025, had already secured clearance from the Office of the Superintendent of Financial Institutions and the Competition Bureau. CWB shareholders voted in favour of the transaction in September.
Read more: Canadian government reviews National Bank's CWB takeover
The acquisition strengthens National Bank’s presence in Western Canada, where CWB has built a strong foothold over the past 37 years through a series of acquisitions. While National Bank has historically been concentrated in Quebec, the deal is expected to bolster its commercial and personal banking operations in the region.
National Bank stated that both institutions will work together to ensure a smooth transition for CWB clients and employees, who will receive further guidance in the coming weeks. The company also confirmed that it will begin including CWB’s financial results starting in the second quarter of 2025.
CWB primarily serves small and medium-sized businesses with commercial banking, personal banking, and wealth management services. In recent years, the bank has also expanded into Ontario by opening new branches.
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