Louis Vachon CEO of National Bank of Canada said that the firm is reportedly seeking to gain a quarter (25%) of its revenue from wealth management by 2017.
Vachon said that the newly assigned target was up from its previously set target of 22%, which the bank has already met, reported Bloomberg.
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In 2013, the firm has surpassed its assigned target that was 20%.
Since past three years, the bank has boosted in wealth management by purchasing Winnipeg-based Wellington West Holdings and the Canadian investment-advisory business of HSBC Holdings Plc.
Additionally, National Bank has also acquired Toronto-Dominion Bank’s institutional-services unit in November last year.
The Bank has been expanding its presence through takeovers of investment advisers.
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By GlobalData"Wealth management will play a critical role in creating value in the upcoming years," Vachon added.
