MONTREAL, April 21, 2017 /CNW Telbec/ - National Bank, one of Canada's Big Six, and Nest Wealth, a leader in financial investment technology, are proud to announce the signing of multiple agreements. The agreements include both a strategic minority investment of $6 million by National Bank in Nest Wealth and a commercial agreement between the two companies. The commercial agreement will see National Bank employing Nest Wealth's cutting-edge investment technology to enhance the Bank's internal digital platforms for the ultimate benefit of its clients.
The transaction is subject to regulatory approval.
"It is a great pleasure to partner with Nest Wealth, a top Canadian fintech company renowned for its innovation and ability to offer exceptional digital platform experiences. Our objective at National Bank is clear: to augment and complement our present platforms, thereby equipping our advisors with an additional working tool that will take our investment offer to the next level. With this agreement, National Bank is increasing its digital services to end-clients, while continuing to emphasize the importance and value of financial advising relationships. We are very proud of that."
Co-President and Co-Chief Executive Officer, National Bank Financial
Executive Vice-President – Wealth Management
"We are thrilled to be entering into these agreements with National Bank, a truly innovative and historical Canadian bank. At Nest Wealth we know that digital wealth platforms can be a game-changer for millions of Canadians who are working hard to save and accumulate wealth. National Bank shares our singular focus on making the end-investor better off and we are excited to work with this great institution to expand the reach of Nest Wealth Pro and our other industry-leading wealth management solutions."
Founder and CEO of Nest Wealth
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Bank or of Nest Wealth, including, obtaining the necessary regulatory approvals, the Bank's ability to complete the integration of Nest Wealth's technology successfully, changes in general economic and market conditions in the areas where the Bank and Nest Wealth do business and the effects of competition in the markets in which the Bank and Nest Wealth operate. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purpose.
About National Bank of Canada
With $234 billion in assets as at January 31, 2017, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has more than 21,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
About Nest Wealth
Nest Wealth is an automated wealth management solutions provider that offers both direct-to-investor solutions through www.nestwealth.com and advanced business solutions through its Nest Wealth Pro product. Nest Wealth's consumer solutions make it easy for investors to obtain sophisticated wealth management focused on their long-term goals without high fees, large minimums or lack of transparency. The company also makes it fast and affordable for wealth management firms to offer online and mobile wealth management solutions that meet the expectations of today's clients by offering white-labelled B2B solutions including simple onboarding, greater transparency and fully integrated back office and compliance functionality.
SOURCE National Bank of Canada
For further information: National Bank: Marie-Pierre Jodoin, Senior Manager, Public Affairs, 514-394-4209, [email protected]; Nest Wealth: Corey Goldman, Goldman Communications Inc., 416-322-2863, [email protected]