National Bank of Canada announced the appointment of Louis Vachon as the company’s chief operating officer on Thursday.

This appointment, which takes effect on Aug. 1, is in line with the bank’s strategic plan and is intended primarily to improve operational efficiency by creating more synergy among the operating units. It will also enable Real Raymond, the bank’s president and CEO, to focus on the company’s strategic development, relations with clients and investors, and risk management.

As COO, Vachon will report directly to Raymond and will sit on the board of directors. He will be responsible for all of the bank’s operating units, namely, Personal Banking and Wealth Management, Commercial Banking and International, and National Bank Financial Group.

Prior to this appointment, Louis Vachon was senior vice president, chairman and CEO of National Bank Financial Group and a member of the bank’s executive committee.

“Throughout his career, Louis has been very successful in different sectors of the financial industry including wealth management, risk management, business development, financial engineering and securities brokerage. He developed his strategic and operational skills in a multicultural, American and pan-Canadian environment. Louis is especially well prepared to take up the challenges facing the bank and I am convinced that he will do so successfully,” stated Raymond.