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National Bank to Acquire TD's Institutional Services Business

MONTREAL, Aug. 1, 2013 /CNW Telbec/ - National Bank of Canada ("National 
Bank") and The Toronto-Dominion Bank ("TD"), through subsidiaries, have 
entered into an agreement providing for the acquisition by National Bank of 
TD's institutional services business known as TD Waterhouse Institutional 
Services. 
Like National Bank's Correspondent Network ("NBCN"), TD Waterhouse 
Institutional Services is a leader in the provision of back-office solutions, 
including custody, trading, clearing, settlement and record keeping, for 
independent Canadian based registered portfolio managers and introducing 
brokers. 
The purchase price for the acquisition is $250 million, subject to a price 
adjustment mechanism based on asset retention. The transaction is expected to 
increase National Bank's 2014 and 2015 recurring EPS by $0.12 and $0.14, 
respectively, assuming full benefit of the acquisition in fiscal year 2014. 
National Bank estimates the transaction will reduce its Common Equity Tier 1 
ratio under Basel III rules by approximately 40 basis points. National Bank 
expects its Common Equity Tier 1 ratio to remain above 8% following closing of 
the transaction. Closing is expected to occur later this year, subject to 
receipt of required regulatory approvals and other transaction terms and 
conditions. 
"Our Correspondent Network is today a leader in Canada's wealth management 
landscape as a provider of services which support over 140 independent market 
intermediary portfolio managers, brokers and dealers, who collectively serve 
over 350,000 client accounts and manage client assets of over $50 billion. 
Through this acquisition, we will extend our reach by adding over 260 
additional market intermediaries who serve over 130,000 client accounts and 
manage approximately $34 billion in assets," said Luc Paiement, Co-President 
and Co-Chief Executive Officer, National Bank Financial and Executive 
Vice-President -Wealth Management. 
"I am confident our clients and our employees will continue to prosper under 
the stewardship of National Bank," said Mushtak Najarali, Senior Vice 
President, TD Waterhouse Institutional Services. "TD Waterhouse Institutional 
Services was established in 1987 and since that time has grown to become a 
leading provider of complete back-office solutions and support services for 
registered independent portfolio managers and introducing brokers across 
Canada. This acquisition will also provide National Bank an outstanding team 
of employees who have served our clients with professional excellence and 
outstanding commitment." 
Conference call
The conference call regarding this acquisition will take place on Thursday, 
August 1, 2013 at 1:30 p.m. EDT. 


    --  Access via telephone in a listen-only mode: 1-866-862-3930 or
        416-695-7806 (access code is 8792518#).
    --  Live Internet broadcast of the conference call will also be
        accessible at
        www.nbc.ca/investorrelations.

Rebroadcast of conference call
The conference call recording will be available until September 2, 2013 by 
dialing 1-800-408-3053 or 905-694-9451 (access code is 5345523#).

About National Bank of Canada
With $185 billion in assets as at April 30, 2013, National Bank of Canada 
(www.nbc.ca), together with its subsidiaries, forms one of Canada's leading 
integrated financial groups, and was named among the 20 strongest banks in the 
world by Bloomberg Markets magazine. The Bank has close to 20,000 employees 
and is widely recognized as a top employer. Its securities are listed on the 
Toronto Stock Exchange (TSX: NA). Follow the Bank's activities via social 
media and learn more about its extensive community involvement at 
clearfacts.ca and commitment.nationalbank.ca.

About National Bank Correspondent Network
With more than 20 years of continuous service, National Bank Correspondent 
Network is an important provider of wholesale securities processing in Canada 
and continually redefines the industry through innovative product development, 
expert client care and leading technology. National Bank Correspondent 
Network provides execution, clearing, custody, prime brokerage and 
administrative services to Independent Securities firms and Portfolio 
Managers. The team is dedicated to giving our clients the very best of service 
and the breadth of investment choices necessary to build a successful practice.

Forward‐Looking Statements
Certain statements included in this press release constitute forward-looking 
statements meant for its interpretation and shouldn't be used for other 
purposes.These forward‐looking statements are made as of the date of this 
document. There is a strong possibility that express or implied projections 
contained in these forward-looking statements will not materialize or will not 
be accurate. The Bank recommends that readers not place undue reliance on 
these statements, as a number of factors, many of which are beyond the Bank's 
control, could cause actual future results, conditions, actions or events to 
differ significantly from the targets, expectations, estimates or intentions 
expressed in the forward-looking statements. These factors include, without 
limitation, the ability to attract and retain key employees who will support 
the acquired institutional services business, including certain senior 
management of the acquired institutional services business; the ability to 
complete the conversion of the client records, systems and operations 
supporting the acquired business within anticipated time periods and costs; 
the retention of substantially all of the clients of the acquired 
institutional services business following the closing; together with general 
factors such as credit risk, market risk, liquidity risk, operational risk, 
regulatory risk, and reputation risk, (all of which are described in greater 
detail in the Risk Management section that begins on page 57 of the Bank's 
2012 Annual Report available at www.sedar.com); the general economic 
environment and financial market conditions in Canada, changes in the 
accounting policies the Bank uses to report its financial condition, including 
uncertainties associated with assumptions and critical accounting estimates; 
tax laws in Canada; and changes to capital and liquidity guidelines and to the 
manner in which they are to be presented and interpreted.  
The Bank assumes no obligation to update or revise these forward-looking 
statements to reflect new events or circumstances and cautions readers not to 
place undue reliance on them.



SOURCE  National Bank of Canada 
(The telephone number provided below is for the exclusive use of  journalists 
and other media representatives.): 
Marie-Pierre Jodoin Senior Advisor, Public Affairs National Bank Tel.: 
514-394-4209  Hélène Baril Senior Manager, Investors Relations National Bank 
Tel.: 514-394-0296 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/August2013/01/c2924.html 
CO: National Bank of Canada
ST: Quebec
NI: FIN CONF MNA  
-0- Aug/01/2013 15:00 GMT
 
 
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