National Bank Targets Commercial Banking Growth with CWB Acquisition
Following its acquisition of Canadian Western Bank (CWB), National Bank of Canada is positioning commercial banking as a key growth area. Judith Ménard, Head of Commercial and Private Banking, said the bank's integration strategy involved moving quickly to its own processes, platforms, and branding, allowing for faster client conversions.
The past six months have focused on data conversion and onboarding employees and clients to National Bank's cash-management platform. Ménard emphasized the importance of employee buy-in, saying 'Employees were a big, big part of it.' The bank has seen revenue benefits from the CWB transaction through fee income and product expansion.
National Bank aims to capture market share through organic growth across Canada, with commercial banking managed efficiently and positioned for gain. Ménard highlighted Private Banking 1859 as a differentiator in the bank's commercial strategy, citing its high net promoter score of 78.