MONTREAL, Oct. 15 /CNW Telbec/ - Following mediation before a Quebec
Superior Court judge, Desjardins Securities and National Bank Financial,
subsidiary of National Bank Financial Group, are announcing that they have
come to an amicable settlement to the satisfaction of both parties.
The case related to the departure of investment advisors from National
Bank Financial to Desjardins Securities in November 2004 in Rivière-du-Loup.
Mr. Luc Paiement, Co-President and Co-Chief Executive Officer of National
Bank Financial, and Mr. Germain Carrière, President and Chief Operating
Officer of Desjardins Securities, jointly issued the following comment: "Under
the present circumstances, it is better to prioritize both our human and
material resources. We believe it is more important to devote our energies to
helping our clients and employees deal with the current period of turmoil in
the financial markets. With this in mind, we decided to put an end to this
dispute and turn the page."
Desjardins Securities and National Bank Financial will issue no further
comments on this subject.
About Desjardins Securities
Desjardins Securities is a subsidiary of Desjardins Group, the largest
cooperative financial group in Canada. It offers a full range of securities
brokerage products and services through its Investment Advisors, and online
brokerage services through its Disnat online division. The needs of businesses
and government agencies are covered by its Corporate Financing, Fixed Income,
and Equity Capital Markets departments, solidly backed by its Research
department. The company, which manages $16 billion in assets, has 46
full-service brokerage offices and employs more than 1,230 people, including
325 Investment Advisors throughout Quebec and Ontario.
About National Bank
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 more than $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. National Bank Insurance is a brand used by National
Bank National Bank Life Insurance.
For further information:
For further information: Desjardins Securities: Yves Lorange, Senior
Vice-President, Strategic Planning and Corporate affairs, Desjardins
Securities, (514) 281-7074; Frédéric Tremblay, HKDP Communications and Public
Affairs, (514) 395-0375, ext. 234; National Bank Financial Group: Denis Dubé,
National Bank Financial Group, (514) 394-8644; Sources: Desjardins Securities
and National Bank Financial