National Bank of Canada

Financial services companies of Canada

Rome was not built in a day, and neither was the National Bank. It reached its present form through a series of well-planned mergers, acquisitions and associations that have helped make it a privileged partner for businesses and individuals in Canada and abroad

National Bank remains focused on consolidating its privileged position as the leading bank in Quebec and a major player in other selected markets in Canada and around the world. It aims to be a diversified, prosperous and client-centric financial group.

National Bank is committed to further improving client service and doing everything necessary to grow while maintaining a balance in developing its business for the benefit of its clients and shareholders.

En route to becoming the dynamic financial institution it is today, the National Bank took a number of important steps. Here are our some of the milestones in our history:

• 1859 Eugène Chinic, Isidore Thibaudeau, Ulric-Joseph Tessier, Olivier Robitaille, Cyrice Tétu, David Dussault, Prudent Vallée and a number of other Quebecers decide to found the Banque Nationale: a banking institution controlled by French-speaking businessmen and dedicated to promoting their interests.

• May 1859 The Bank receives its status as a corporation.

• May 1860 The Banque Nationale welcomes its first clients in the offices of the Caisse d’économie de Notre-Dame de Québec, located on rue Saint-Jean in Quebec City.

• 1862 Following a fire, the Banque Nationale sets up permanent residence on rue Saint-Pierre, which later becomes Quebec City’s banking district.

• 1878 & 1885 The Bank registers losses as a result of difficulties caused by economic crises.

• 1924 A serious recession weakens the Banque Nationale. Discussions concerning a merger with the Banque d’Hochelaga (founded in Montreal in 1874) lead to an agreement whereby the Bank Canadian National (BCN) is born.

• 1968 Working closely with other banks, Bank Canadian National launches the first credit card to be issued by Canadian banks: Chargex.

• 1978 The Provincial Bank of Canada (soon to merge with Bank Canadian National to create the National Bank) joins forces with Bell Canada to construct two immense office towers—to become the Head Offices of both companies—on de La Gauchetière street in downtown Montreal.

• November 1979 The biggest merger in the North American financial sector to date occurs with the formation of National Bank of Canada as a result of the amalgamation of Bank Canadian National and The Provincial Bank of Canada—itself the product of mergers between the Banque Jacques-Cartier (1861), the Banque d’économie de Québec (1848), the Banque populaire de Québec (1868) and Unity Bank of Canada

• (1972).The assets of this new institution total $15 billion.

• 1983 National Bank moves into its new Head Office.

• 1985 National Bank acquires The Mercantile Bank of Canada.

• 1987 National Bank Securities Inc. is founded to provide discount brokerage, mutual fund and immigrant investor services.

• 1988 The brokerage firm Lévesque Beaubien becomes a National Bank subsidiary. A year later, Lévesque Beaubien merges with Geoffrion Leclerc to become Lévesque Beaubien Geoffrion.

• 1992 National Bank merges the activities of its wholly owned subsidiary National Bank Leasing Inc. with its own operations.

• 1993 National Bank sells its lease financing operations to GE Capital and acquires the assets of General Trust of Canada, a company specializing in trust activities since 1927.

• 1994 National Bank, through its subsidiary Natbank, opens its first U.S. branch in Pompano Beach, Florida.

• 1995 A second Natbank branch and head office are opened in Hollywood, Florida. The same year, the National Bank launches National Bank Life Insurance Company.

• 1996 National Bank acquires two Ontario trust companies, Family Trust Corporation and The Municipal Savings and Loan Corporation. It founds National Bank Financial Services (Investments) Inc., as well as the subsidiary NBC Clearing Services Incorporated.

• 1996 On August 31, 1996, National Bank assets exceed $50 billion.

• 1997 In an attempt to be accessible to as many clients as possible and to remain at the forefront of technology, the National Bank launches its website. It also concludes an agreement to acquire a US $75 million stake in an investors’ group led by the firm Infisa S.A. with a view to investing in banks as well as brokerage, insurance and pension fund management firms in a number of Latin American countries.

• 1998 National Bank and the Caisse de dépôt et placement du Québec join forces to create Alter Moneta, a lease financing company.

• 1999 National Bank concludes the purchase of First Marathon, a Toronto-based brokerage firm. First Marathon and the Bank’s subsidiary Lévesque Beaubien Geoffrion Inc. merge their operations to form National Bank Financial, a new Canadian investment services company. The Bank also creates a new subsidiary, AssurNat Management Inc., to offer direct general insurance to clients in Quebec. The Bank announces the formation of National Bank Discount Brokerage Inc. to take over the InvesTel discount brokerage service, thereby leaving National Bank Securities, which until then had administered InvesTel, free to concentrate exclusively on the National Bank Mutual Funds family.

• 2001 In order to standardize its brand image with consumers, National Bank continues its strategy of including the National Bank name in the name of its various subsidiaries. AssurNat changes its name to Assurances Banque Nationale, and the subsidiary General Trust of Canada becomes National Bank Trust at year end.

• 2002 National Bank Financial, a National Bank subsidiary, acquires the U.S. based investment bank Putnam Lovell Group Inc. Putnam Lovell’s and National Bank Financial’s Global Financial Institutions Groups now operate as a single business unit; this unit, as well as all other Putnam Lovell operations, operates under the marketing banner of Putnam Lovell NBF, through offices in New York, Toronto, and London.

• In the same year, National Bank acquires mutual fund manager and distributor Altamira. The acquisition of this leading brand name significantly expands the National Bank’s presence outside Quebec in the area of wealth management, doubles its mutual funds under management, broadens its offering of products and services and increases profitability.

• 2006 National Bank assets exceed $100 billion.

• March 2006 Computershare acquires the shareholder management services of National Bank Trust.

• June 2007 Réal Raymond, President and Chief Executive Officer since 2002, retires. He is succeeded by Louis Vachon, formerly President and Chief Operating Officer.

Canada Business Directory @ January 17, 2009