MONTREAL, March 12,
2024 /CNW/ - Following the publication of media
articles this morning, and while it is not customary for National
Bank ("the Bank") to comment on market rumors, the Bank is
currently not engaged in any process or negotiations for the sale
of ABA Bank ("ABA"), nor has it hired any advisors.
ABA is a success story, delivering strong growth and superior
returns for National Bank. For the year ended October 31, 2023, ABA generated revenues of
$726M CAD and $343M CAD in net income. Over the past five
years, the franchise grew loans and deposits by over 4 times with a
continued focus on serving local small and medium businesses in
industries that are central to the economy of Cambodia. We continue to be pleased with its
performance and strong track record, its talented management team,
strong execution and prudent risk management. National Bank
continues to support ABA's growth and participation in the
establishment of a sound and resilient banking industry for
Cambodia, underpinned by
attractive economic prospects and strong fundamentals.
National Bank does not anticipate issuing any further public
statement regarding any rumours or speculation in the marketplace
unless required by applicable laws.
Caution Regarding
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements. These statements are based on a number of assumptions
and are subject to risk factors, inherent risks and uncertainties,
many of which are beyond the Bank's control and the impacts of
which are difficult to predict. Except as required by law, National
Bank does not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time, by it
or on its behalf. The forward-looking information contained in this
press release is presented for the purpose of interpreting the
information contained herein and may not be appropriate for other
purposes.
About National Bank of
Canada
With $434 billion in assets as
at January 31,
2024, National Bank of Canada is one of Canada's six systemically important banks. The
Bank has approximately 30,000 employees in knowledge-intensive
positions and operates through three business segments in
Canada: Personal and Commercial
Banking, Wealth Management and Financial Markets. A fourth segment,
U.S. Specialty Finance and International, complements the growth of
its domestic operations. Its securities are listed on the Toronto
Stock Exchange (TSX: NA). Follow the Bank's activities
at nbc.ca or via social media.
SOURCE National Bank of Canada