National Bank of Canada is considering new acquisitions in the local wealth management market, the bank’s president and CEO Louis Vachon said in an interview with Ottawa Business Journal.
"Wealth management does remain a priority for us," Vachon said. "Should the right fit from a cultural and strategic standpoint come along, we would be interested," the publication quoted him as saying.
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The Montreal-based bank recently concluded integrating two other wealth management acquisitions, Wellington West Holdings and HSBC Securities into its operations.
The bank reported a 22% decline in second-quarter earnings reflecting last year’s sale of its asset management unit.
The bank said net income for the three months ended 30 April declined to C$434 million, or C$2.49 a share, from C$553 million, or C$3.22 a share, in the year-earlier period, which included a one-time gain of C$198 million from the sale of its Natcan Investment Management unit.
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