National Bank Of Canada

The National Bank of Canada (French: Banque Nationale du Canada) is the sixth largest commercial bank in Canada. It is headquartered in Montreal, and has branches in most Canadian provinces and 2.4 million personal clients.[4] National Bank is the largest bank in Quebec, and the second largest financial institution in the province, after Desjardins credit union. National Bank's Institution Number is 006 and its SWIFT code is BNDCCAMMINT.

In 1859, francophone businessmen in Ontario and Quebec were keen to establish a bank under their local control, and persuade the provincial legislature to pass the act that created the Banque Nationale on May 4, 1859. Some members of the anglophone bourgeoisie participated in the bank's share capital, but francophones retained exclusive control and held all seats on the board of directors with Ulric-Joseph Tessier, lawyer and Member of the Legislative Assembly serving as chairman of the bank.

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During the 1970s, Quebec-based rival Provincial Bank of Canada expanded rapidly through a number of acquisitions. It merged with the People's Bank in 1970, with the Toronto-based Unity Bank of Canada, and in 1979 it acquired Laurentide Financial Corporation of Vancouver. Provincial Bank and BCN continued to expand but continued to have a large part of their operations concentrated in Quebec. In November 1979, these two banks decided to merge under the new name "National Bank of Canada" in what was at the time one of the largest bank mergers.

Through the 1980s the bank continued to grow and expand its businesses through a number of acquisitions, including the brokerage firm Lvesque Beaubien and a year later Geoffrion Leclerc, which became known as Lvesque Beaubien Geoffrion. In 1993, it sold its lease financing operations to GE Capital and acquired the assets of General Trust of Canada.

In 1994, it made a small step outside Canada when it opened two branches in the United States, one in Florida and one in California. As of 2020, its Natbank subsidiary has three branches, all in Florida. In 1995 the bank opened a representative office in Cuba to assist Canadian clients doing business in the country.[5] In 1999 it concluded its purchase of First Marathon, a Toronto-based brokerage firm. First Marathon and the Bank's subsidiary Lvesque Beaubien Geoffrion Inc. merged their operations to form National Bank Financial (NBF), its investment banking subsidiary. In 2002 it acquired US-based investment bank Putnam Lovell and merged the operations with its NBF subsidiary which started operating through offices in New York, Toronto, and London.

In October 2019, National Bank of Canada was criticized by privacy experts for requiring new online customers to provide their full login credentials for accounts with other financial institutions, including password.[8][9] On its website, the bank tells clients to "Never tell anyone your password",[10] yet during the process of creating an account, they say, "... you will need to provide... your login credentials with another eligible Canadian financial institution".[11]

National Bank's business is concentrated in Quebec, and it is expanding in other provinces. For the year ending October 31, 2017, 59% of its total revenues were from Quebec, 30% from other provinces, and 11% from its international operations.[3] Its total revenue for the year were allocated across business segments:

The virtual assistant is an automated service which is integrated into your online bank. The virtual assistant is preprogrammed to answer general questions concerning the use of your online bank solely for informational purposes. The virtual assistant is not able to answer questions on personal monetary transactions or products you hold with us.

In compliance with the Support Orders and Support Provisions (banks and Authorized Foreign Banks) Regulations and Support Orders and Support Provisions (Trust and Loan Companies) regulations, the following offices have been designated by National Bank of Canada for the service of enforcement notices in the below noted provinces.

Mastercard is a registered trademark of Mastercard International Incorporated. Authorized user: National Bank.

The Interac logo and Interac e-Transfer are registered trade-marks of Interac Corp. Used under licence.

1 The 6-month introductory rate of 4.89% (5.00% Annual Percentage Yield [APY]) is available on new Market Monitor (money market) accounts opened between October 1, 2023 and January 31, 2024 with a minimum opening deposit of $10,000 in new money. New money is defined as funds not currently on deposit at Old National as of September 30, 2023. If the account is not funded with $10,000 in new money within 15 calendar days of account opening the promotional rate will be removed and standard market rates will apply. Rates and tiers for balances during the 6-month promotional period are: 4.89% (5.00% APY) if daily collected balance is $10,000 or more; 0.05% (0.05% APY) if daily collected balance is $9,999 or less. After the introductory term expires, rates will match the standard rate chart in effect at that time. For interest-bearing accounts, the interest rate and annual percentage yield (APY) may change periodically at our discretion. Interest begins to accrue no later than the business day we receive credit (collected funds) for the deposit of noncash items (for example checks). If the account is closed within 180 days, a $25 fee will be assessed. Fees may reduce earnings on the account. If the account is closed before interest is credited, you will not receive the accrued interest. Market Monitor is a personal deposit account. This offer applies to personal accounts and personal trusts only; it is not available for business, public or institutional deposit funds. Personal trusts can only be opened in an Old National banking center. Old National reserves the right to extend or discontinue this offer at any time. We may refuse or return any deposit amount causing the combined balance of all your Old National accounts to exceed $3,000,000. Other standard deposit disclosures will still apply.

2 Minimum deposit of $500 required to open. Rates, terms, and conditions accurate as of December 14, 2023 and are subject to change. Advertised rate of 4.91% (5.00% APY) is for a new 9-month certificate of deposit (CD) with balances of $500 or more. CD rates are fixed upon opening the account. APYs assume money stays on deposit until CD maturity date. An early withdrawal penalty may be assessed and may decrease earnings. If you close the account before interest is credited, you will not receive the accrued interest. Upon maturity the CD will automatically renew for a successive term equal to the original term at the standard rate/APY in effect on the maturity date and based on the same term, minimum balance, and other features of the original certificate. Public funds, institutional funds and brokered CDs are not eligible for advertised APYs.

3 Rates, terms, and conditions effective 09/26/2023 for applications received through 02/29/2024. Subject to credit approval. Property insurance is required for all loans secured by real estate. Rates are subject to change daily. Contact your Old National Banker or Residential Lender for current loan rates. NMLS #459308. Other restrictions may apply, see bank for details. The line of credit has a draw period of 10 years, after which you will no longer have access to borrow funds and will be required to repay the borrowed balance within a 20-year term. During the draw period there is an introductory variable rate discount in effect for the first 6 billing cycles, based on a 1.25% discount resulting in an APR of 1.40% below the prime rate as published in the Wall Street Journal. After the introductory period expires, the variable rate for the account will be based on The Wall Street Journal prime rate (plus or minus a margin) which is currently 8.10%. During the repayment period the rate will be fixed based on the rate at the end of the draw period plus a margin which is currently 3.00%. APR examples provided above are based on the highest credit tier with an LTV of 60% or less and includes an optional 0.25% rate reduction available at origination for enrolling in automatic loan payments drawn from an ONB checking account. ONB associates may select the associate discount or Private Banking discount, not both, in addition to the promotional discount. Maximum APR is 21%, minimum APR is 0.99%. The initial $50 annual fee is waived. During the draw period the minimum monthly payment will be equal to the interest that accrued on the outstanding balance during the preceding billing cycle or $50, whichever is greater. During the repayment period the minimum monthly payment will be based on the balance at the end of the draw period amortized over 20 years or $50, whichever is greater. If you close or refinance your line of credit within 3 years, a Reimbursement fee will be assessed for the lesser of $300 or the amount paid to third parties to recover the closing costs paid on your behalf plus, in MN, the Mortgage Registry Tax (MRT) or Deed Stamp Tax paid on your behalf where applicable. Old National reserves the right to extend or discontinue this offer at any time. Equity Access Cards are not available to Kentucky residents.

First National Bank, through its Canadian banking partnership, offers Banking without Borders (BwB) to support and enhance your U.S./Canadian banking operations and extend your presence in Canadian markets.

RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Strong

National operates a pan-Canadian franchise with a dominant position its home province of Qubec. While its P&C banking businesses maintain leading market shares in Qubec, the Bank has successfully expanded its footprint across the country, especially through its WM and FM businesses, particularly in Western Canada. In addition, the Bank has a few small international investments, including in the United States and Cambodia. 2351a5e196