August 24, 2007 14:15 ET

National Bank Completes Acquisition of All Asset Backed Commercial Paper of National Bank Mutual Funds

MONTREAL, QUEBEC--(Marketwire - Aug. 24, 2007) - National Bank Securities Inc., manager of the National Bank Mutual Funds, announced that National Bank of Canada (TSX:NA) has completed the acquisition, announced on August 20th, of all the asset backed commercial paper ("ABCP") held by the National Bank Mutual Funds. The acquisition was made in accordance with the terms of an exemption obtained by the relevant funds from the Canadian Securities Administrators.

National Bank of Canada, mindful of the best interests of the unitholders of the National Bank Mutual Funds, completed the transaction so that its clients would not have to bear the brunt of the current market uncertainty relating to the liquidity of the ABCP. Further to this transaction, none of the National Bank Mutual Funds has any exposure to the current ABCP market.

National Bank Mutual Funds (the "Funds") are offered by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with Fund investments. Please read the prospectus of the Funds before investing. The Funds securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the Money Market Funds will be able to maintain their net asset value per security at a constant amount or that the full amount of your investment in the Funds will be returned to you. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.

About National Bank of Canada

National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has more than $130 billion in assets and, together with its subsidiaries, employs 16,852 people. The Bank's securities are listed on the Toronto Stock Exchange (NA). For more information, visit the Bank's website at

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Contact Information

  • National Bank of Canada
    Denis Dube
    Director - Public Relations