MONTREAL, July 7, 2020 /CNW Telbec/ - National Bank and Nest Wealth, a leader in financial investment technology, are proud to announce that they are expanding their partnership. Through its corporate venture capital arm NAventures, National Bank will make an additional strategic minority investment in Nest Wealth. The Bank previously invested in Nest Wealth in 2017. The two companies will also extend the scope of their commercial agreement.
The expanded commercial agreement will allow National Bank to accelerate the development of some of its digital initiatives. It will especially benefit the portfolio managers and independent brokers who do business with National Bank Independent Network (NBIN), as well as retail clients, who will enjoy the improved features rolled out via the National Bank savings experience.
The National Bank savings experience was developed after the first commercial agreement was signed in 2017. To date, tens of thousands of clients have opened an account and used it on their computer or smartphone to set goals and finance projects.
"National Bank is pleased to be enhancing its partnership with Nest Wealth with an additional minority investment and the expansion of the commercial agreement. We've been successfully collaborating with this talented team for many years now. This has allowed us to give Bank clients more online investment services. Our goal is to offer easy, fast and convenient solutions while promoting the value of financial advisory relationships. This is even more important in the current context," said Lucie Blanchet, Executive Vice-President – Personal Banking and Client Experience at National Bank.
"The enhanced collaboration between National Bank and Nest Wealth, a leading Canadian fintech, will make it possible to offer a new digital experience, including a cutting-edge platform, to the hundreds of independent firms that do business with NBIN," said Patrick Primerano, President of National Bank Independent Network (NBIN).
"Nest Wealth is excited to deepen our partnership with the forward-thinking team at National Bank. This is a bold next step in our collaboration to provide the clients they serve with the best digital wealth solutions available. Mutually beneficial partnerships between established financial institutions and agile fintech firms represent the future of our industry and we're proud to be making this transformative move, together," said Randy Cass, 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, 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 $317 billion in assets as at April 30, 2020, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. 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 National Bank Independent Network
With 30 years of continuous service and a team of more than 200 professionals, National Bank Independent Network (NBIN) is Canada's leading provider of custody, trade execution, and brokerage solutions to independent wealth management firms. National Bank Independent Network (NBIN) is a division of NBF Inc., which is an indirect, wholly owned subsidiary of National Bank of Canada.
NAventures, the corporate venture capital arm of National Bank of Canada, takes equity stakes in startups and growing businesses to foster growth in companies that will shape the financial institutions of the future. Follow NAventures activities at nbc.ca/naventures.
About Nest Wealth
Founded in 2014, Nest Wealth created Canada's first SaaS-based digital wealth management platform to ensure all investors have access to sophisticated, personalized and transparent wealth management services. Wealth management firms and individual advisors can provide and manage virtually any investment to any investor through any distribution channel with Nest Wealth's configurable white label practice management tool. Nest Wealth also offers an automated, low-fee and transparent direct-to-investor wealth management solution that makes it easier for them to reach their financial goals. Nest Wealth has been chosen by some of Canada's largest wealth management firms and financial institutions to modernize their wealth management platforms. For more information, please visit https://www.nestwealth.com/.
SOURCE National Bank of Canada