MONTREAL, TORONTO and WINNIPEG, Nov. 10 /CNW/ - National Bank Financial
Group (NA; TSX) and Wellington West Holdings Inc. ("Wellington West") today
announced they have completed the transaction whereby National Bank Financial
Group has acquired a 12.5 per cent fully diluted equity interest in Wellington
West.
In accordance with the terms disclosed on September 22, 2008, National
Bank Financial Group has paid Wellington West $35.8 million or $54.40 per
share. This price is the same as Wellington West's recently completed $12.5
million share rights offering with its shareholders. In addition, Wellington
West will be entitled to receive capital contributions from National Bank
Financial Group of up to an additional $35 million, or the equivalent of
$53.10 per share, if it achieves certain earnings targets over the next three
years.
Wellington West will continue to operate independently under the
leadership of Charlie Spiring, CEO and Founder and Kish Kapoor, President.
Brian A. Davis, Executive Vice President, Corporate Development and Governance
of National Bank Financial has been appointed to the Board of Directors of
Wellington West Holdings Inc.
"This investment solidifies our ability to pursue our growth strategy
despite the current economic slowdown," said Kish Kapoor, President,
Wellington West Holdings Inc. "National Bank Financial is an organization that
respects our culture, our independence and our desire to provide a uniquely
personal experience for our investment advisors and our clients."
"We have great respect for Wellington West as one of Canada's leading
independent wealth management firms," said Luc Paiement, Executive Vice
President Wealth Management, National Bank Financial Group and Co-President
and Co-CEO of National Bank Financial. "We are delighted to partner with this
team and look forward to building a long-term relationship."
About Wellington West
The Wellington West group of companies provides full-service brokerage,
financial planning, asset management and capital markets services. In the 15
years since its inception, the employee-owned Wellington West has become one
of the largest and fastest-growing independent full-service investment
operations in Canada with more than $9.6 billion in assets under
administration. Among its many corporate achievements, Wellington West has
earned one of the top two spots as Best Employer in Canada for the past three
years, named one of Canada's Fastest Growing Companies in 2007 and requalified
as one of Canada's 50 Best Managed Companies in 2007. In addition, Wellington
West ranked No.3 in the 2007 Brokerage Report Card survey, having held the
No.1 spot for four of the past five years. Wellington West Capital Markets led
the most deals in Canada within the agriculture sector in the first six months
of 2008 and placed among the top three dealers for total dollars raised in
agriculture during this same period. In energy, Wellington West ranked as No.9
for dollars raised, partially based on exceptional results in equity financing
for international energy companies, where we were the third most active dealer
in terms of dollars raised from January to June 2008. For more information,
visit www.wellingtonwest.com.
About National Bank of Canada
National Bank of Canada is an integrated group which provides
comprehensive financial services to consumers, small and medium-sized
enterprises and large corporations in its core market, while offering
specialized services to its clients elsewhere in the world. The National Bank
offers a full array of banking services, including retail, corporate and
investment banking. It is an active player on international capital markets
and, through its subsidiaries, is involved in securities brokerage, insurance
and wealth management as well as mutual fund and retirement plan management.
National Bank has close to $122 billion in assets and, together with its
subsidiaries, employs 17,232 people. The Bank's securities are listed on the
Toronto Stock Exchange (NA:TSX). For more information, visit the Bank's
website at www.nbc.ca.
For further information: Information (The telephone number provided
below is for the exclusive use of journalists and other media
representatives.): Denis Dubé, Senior Manager, Public Relations Department,
National Bank Financial Group, Tel.: (514) 394-8644; Janine Waschuk,
Wellington West, Tel.: (416) 899-2617, janine@wellwest.ca
