Canadian Western Bank

Canadian Western Bank

October 23, 2015 09:00 ET

CWB to Redeem $300 Million of Subordinated Debentures

EDMONTON, ALBERTA--(Marketwired - Oct. 23, 2015) - Canadian Western Bank ("CWB") (TSX:CWB) today announced its intention to redeem all outstanding 4.389% subordinated debentures due November 30, 2020 (the "debentures") at par plus accrued interest to, but excluding, the redemption date. The current principal amount outstanding is $300 million. The redemption will occur on November 30, 2015, and will be financed out of CWB's general corporate funds.

The debentures were issued on November 29, 2010, and do not qualify as non-viability contingent capital ("NVCC") under the Basel III regulatory capital requirements. Due to the mandatory phase out of non-NVCC capital instruments from regulatory capital, $152.5 million of CWB's outstanding subordinated debentures are not included in regulatory capital in fiscal 2015. In the absence of this redemption, that exclusion would increase to $220 million in fiscal 2016. Subsequent to the redemption, all of CWB's outstanding subordinated debentures will be included in regulatory capital and the Total capital ratio will remain well above the regulatory minimum of 10.5% and above management's operating targets.

About Canadian Western Bank Group

Canadian Western Bank offers a full range of business and personal banking services across the four western provinces and is the largest publicly traded Canadian bank headquartered in Western Canada. The Bank, along with its operating affiliates, National Leasing Group, Canadian Western Trust, Canadian Western Financial, Adroit Investment Management, and McLean & Partners Wealth Management, collectively offer banking, trust and wealth management services across Canada and are together known as CWB Group. The common shares of Canadian Western Bank are listed on the Toronto Stock Exchange under the trading symbol "CWB". The Bank's Series 5 Preferred Shares trade on the Toronto Stock Exchange under the trading symbol "CWB.PR.B". Refer to for additional information.

Contact Information

  • Canadian Western Bank
    Matt Evans, CFA
    Assistant Vice President, Investor Relations
    (780) 969-8337

    Canadian Western Bank
    Carolyn Graham, FCPA, FCA
    Executive Vice President and Chief Financial Officer
    (780) 423-8888