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Canadian Tire Bank to sell mortgage portfolio to National Bank of Canada

Oct 15, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --

Company: National Bank of Canada (NTIOF)

Canadian Tire Bank has agreed to sell its mortgage portfolio to the National Bank of Canada (NBC). Based in Canada, both the companies offer banking services.

The mortgage portfolio will be sold at essentially the book value of the portfolio.

The transaction is expected to close in the fourth quarter 2009. 

Deal Type    Acquisition
Sub-Category Asset Purchase
Deal Status  Announced: 2009-10-14

Deal Participants 

Target (Company)   Canadian Tire Bank - Mortgage Portfolio
Acquirer (Company) National Bank of Canada
Vendor (Company)   Canadian Tire Bank

Deal Rationale

The acquisition is in line with NBC's strategy to expand in select Canadian markets.

Copyright (C) 2009 Datamonitor Financial Deals Tracker. All rights reserved

News Provided by COMTEX

Company: National Bank of Canada (NTIOF)


Related terms: acquisition, bank, banking, canada, mortgage

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