News release National Bank of Canada

CDPQ invests $500 million for National Bank of Canada’s expansion

Equity Markets, Québec Montréal,

CDPQ announced a $500 million investment in National Bank of Canada (“National Bank”) (TSX: NA) to complete the acquisition of Canadian Western Bank (“CWB”) (TSX: CWB), a financial institution based in Alberta that serves Western Canada. Following this transaction, CDPQ will become the second-largest shareholder of National Bank.

This acquisition, representing a $5 billion transaction, will combine two growing Canadian banks with complementary footprints, a similar entrepreneurial legacy and a regionally focused shared-service model. Ultimately, the combined bank will be able to offer more comprehensive services across Canada.

“CDPQ is proud to continue its long-standing commitment to National Bank by taking part in this transformative acquisition that will enable it to execute a new facet of its expansion plan,” said Vincent Delisle, CDPQ’s Executive Vice-President and Head of Liquid Markets. “This investment is perfectly aligned with our strategy to expand the reach of Quebec companies in order to consolidate their leadership positions in their sectors.”

“This transaction is about growth and brings together two great banks with a complementary footprint in personal and commercial banking,” explained Laurent Ferreira, President and Chief Executive Officer of National Bank.  “We are delighted to make this acquisition alongside CDPQ, which, through its investment, allows us to take a step forward in our pan-Canadian strategy to expand our activities across the country.”

CDPQ’s first investment in National Bank of Canada dates back more than 40 years.


At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totalled CAD 434 billion. For more information, visit, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

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