Canadian Western Bank (TSX: CWB) has completed its previously announced acquisition of National Leasing Group Inc., the bank said Monday.

National Leasing specializes in commercial equipment leasing for small to mid-size transactions and has representation across Canada.

With the addition of over 58,000 lease agreements, National Bank adds materially to both the scope and diversification of CWB’s existing equipment financing and leasing business.

“In addition to being a great cultural fit, National Leasing enhances our growth profile and adds significant value to CWB Group’s already strong franchise of financial services; a franchise that we today believe is collectively underappreciated by the market,” says said Larry Pollock, president and CEO of CWB.

Under terms of the deal, CWB acquires 100% of the common shares of National Leasing in exchange for $52.8 million of cash and 2,065,088 CWB common shares based on an issue price of $22.42 per share, together with the vendors’ participating retained interest in National Leasing.

RBC Capital Markets acted as financial advisor to National Leasing with respect to the transaction.

Headquartered in Edmonton, Canadian Western Bank offers a full range of business and personal banking services across the four western provinces.

IE