National Bank Financial Group

National Bank Financial Group
Wellington West Holdings Inc.

Wellington West Holdings Inc.

November 10, 2008 17:01 ET

National Bank Financial Group Completes Minority Investment in Wellington West

MONTREAL, TORONTO and WINNIPEG, CANADA--(Marketwire - Nov. 10, 2008) - National Bank Financial Group (TSX:NA) and Wellington West Holdings Inc. ("Wellington West") today announced that they have completed the transaction whereby National Bank Financial Group has acquired an initial 12.5 per cent fully diluted equity interest in Wellington West.

In accordance with the terms disclosed on September 22, 2008, National Bank Financial Group has paid Wellington West $35.8 million or $54.40 per share. This price is the same as Wellington West's recently completed $12.5 million share rights offering with its shareholders. In addition, Wellington West will be entitled to receive capital contributions from National Bank Financial Group of up to an additional $35 million, or the equivalent of $53.10 per share, if it achieves certain earnings targets over the next three years.

Wellington West will continue to operate independently under the leadership of Charlie Spiring, CEO and Founder and Kish Kapoor, President. Brian A. Davis, Executive Vice President, Corporate Development and Governance of National Bank Financial has been appointed to the Board of Directors of Wellington West Holdings Inc.

"This investment solidifies our ability to pursue our growth strategy despite the current economic slowdown," said Kish Kapoor, President, Wellington West Holdings Inc. "National Bank Financial is an organization that respects our culture, our independence and our desire to provide a uniquely personal experience for our investment advisors and our clients."

"We have great respect for Wellington West as one of Canada's leading independent wealth management firms," said Luc Paiement, Executive Vice President Wealth Management, National Bank Financial Group and Co-President and Co-CEO of National Bank Financial, "We are delighted to partner with this team and look forward to building a long-term relationship."

About Wellington West

The Wellington West group of companies provides full-service brokerage, financial planning, asset management and capital markets services. In the 15 years since its inception, the employee-owned Wellington West has become one of the largest and fastest-growing independent full-service investment operations in Canada with more than $9.6 billion in assets under administration. Among its many corporate achievements, Wellington West has earned one of the top two spots as Best Employer in Canada for the past three years, named one of Canada's Fastest Growing Companies in 2007 and requalified as one of Canada's 50 Best Managed Companies in 2007. In addition, Wellington West ranked #3 in the 2007 Brokerage Report Card survey, having held the #1 spot for four of the past five years. Wellington West Capital Markets led the most deals in Canada within the agriculture sector in the first six months of 2008 and placed among the top three dealers for total dollars raised in agriculture during this same period. In energy, Wellington West ranked as #9 for dollars raised, partially based on exceptional results in equity financing for international energy companies, where we were the third most active dealer in terms of dollars raised from January to June 2008. For more information, visit

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. The 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 close to $122 billion in assets and, together with its subsidiaries, employs 17,232 people. The Bank's securities are listed on the Toronto Stock Exchange (TSX:NA). For more information, visit the Bank's website at

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Contact Information

  • National Bank Financial Group
    Denis Dube
    Senior Manager, Public Relations Department
    Wellington West
    Janine Waschuk