National Bank Has No Interest in Buying Richardson GMP, CEO Saysby
National Bank of Canada, the country’s sixth-biggest bank by assets, isn’t a potential buyer of Richardson GMP Ltd., Chief Executive Officer Louis Vachon said.
“We have no interest at this stage,” Vachon, 54, said Wednesday during the Scotiabank Financials Summit conference in Toronto. “We’re not in that process and nor do we intend to join it."
Richardson GMP, a partnership between Winnipeg-based James Richardson & Sons Ltd., Toronto-based brokerage GMP Capital Inc. and its advisers, has an agreement between its owners that contains a shareholder liquidity mechanism that could trigger a sale. The wealth manager, which has more than C$26 billion ($20.2 billion) of client assets, could sell for about C$500 million, Scotiabank analyst Sumit Malhotra said in an April note to clients.
Raymond James Financial Inc.’s Canadian head Paul Allison said in a June interview that his firm would consider buying Richardson GMP if the company were for sale. The Globe and Mail reported Tuesday that the wealth manager was on the market and Toronto-Dominion Bank was among the bidders, citing people familiar with the process that it didn’t name.
Spokesmen for GMP and Toronto-Dominion declined to comment on the report.
Toronto-Dominion CEO Bharat Masrani said at the Scotiabank conference that he’d consider any domestic acquisitions that pop up.
"We will look at any acquisitions in Canada very seriously, because there are not many that are ever available," Masrani, 60, said.