Ads by Google

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

Oct 16, 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 of 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

Related Articles

Canadian Tire shuffles executive team
Nov 12, 2009
...will hit Canadian Tire's financial... The company said on...veteran of Canadian Tire – 10 of them...sold its mortgage portfolio for about...tax) to National Bank of Canada...quarter, Canadian Tire's financial... The company also said...

NUMBER THEORY
Oct 26, 2009
...of the many reasons companies fail is that...differentiator. But the larger company with its scale...positioning of their own company. Without this no company can succeed. ...balancing act for larger companies, but those that...

Canadian Tire releases third quarter earnings - Core retail business remains resilient despite
Nov 12, 2009
... << CANADIAN TIRE FINANCIAL...sold its mortgage portfolio, approximately...tax, to National Bank of Canada...price of Canadian Tire shares. 1.0 Our Company 1.1...business Canadian Tire has been...Canadian Tire Bank also offer...

Company C donates to Susan G. Komen
Nov 3, 2009
Company C donates to Susan G. Komen Passion...Today, 11/3/2009 7:19:00 AM Company C is donating more than $35,000 to...breast cancer. The donation stems from Company C’s recent and first-ever “Passion...