National Bank of Canada today announced that Altamira Financial Services Ltd. will gradually consolidate its activities with those of the bank over the course of 2008.

This represents an essential step towards achieving the goal of accelerating the bank’s growth outside the Quebec market, National Bank says.

The move is designed to grow the bank’s presence in the wealth management arena.

As well, National Bank says “decision will bring clear advantages to Altamira’s clients by offering them better proximity through more points of service and greater access to attractive investment and banking solutions.”

“This represents a very exciting opportunity for all of us”, says Charles Guay, president and CEO of Altamira. “It will favour closer relationships with our clients as they will benefit from advice and solutions tailored to their needs.”

National Bank adds it anticipates that this consolidation will give way to reductions in management expense ratios for most Altamira Funds.

Altamira’s continued client service will remain the same, as its investment professionals will join the National Bank network of more than 2,000 investment professionals across Canada.

As for the Altamira brand, National Bank says it will still be promoted as family of mutual funds and high interest savings accounts, as well as other investment solutions such as the Managed Portfolios and Meritage Portfolios.

No action on the part of Altamira clients is required, the bank says, as it is working to obtain the regulatory approvals needed to ensure that all Altamira accounts can smoothly become National Bank Securities Inc. accounts by the end of 2008.